Kraken, the crypto trading platform, is extending its ability to issue named virtual IBANs across a range of currencies, enabling instant fiat movement, accelerating real-time money movement for the digital asset economy following a new partnership with OpenPayd, the financial infrastructure provider.
OpenPayd’s platform enables the programmable movement of fiat both domestically and across borders, with fully automated reconciliation. This creates new efficiencies for Kraken’s operations while delivering a faster, smoother experience for both retail and institutional clients.
Kraken is transforming institutional money movement by tapping into OpenPayd’s powerful platform, deep expertise in digital assets and broad global licensing coverage. With access to OpenPayd’s always-on infrastructure and a network of more than 250 crypto native businesses, Kraken extends its ability to seamlessly move funds in and out of the digital asset ecosystem instantly, securely and at scale.
OpenPayd’s platform has been purpose-built to serve the demands of high-growth digital asset companies by providing API-first access to domestic and cross-border payment rails, FX, and account infrastructure across the UK, Europe and beyond.
“We’re thrilled to support Kraken in powering instant fiat capabilities across global markets,” added Iana Dimitrova, CEO at OpenPayd. “This partnership reinforces our role as the financial infrastructure backbone for digital asset businesses, and highlights how OpenPayd’s regulated infrastructure is enabling the next generation of crypto platforms to move money at speed and scale.”
“At Kraken, delivering seamless and reliable fiat on-off ramp experiences are fundamental to unlocking the next wave of global cryptocurrency adoption,” said Kaushik Sthankiya, global head of banking and payments at Kraken.
“As we accelerate our growth and expansion, we are committed to building robust banking and payments infrastructure that empowers our clients to invest in all asset classes, eliminate friction, expand access across borders. Partnering with OpenPayd underscores this commitment to operational excellence, scalability and allows us to harness cutting-edge technology and domain expertise – strengthening Kraken’s leadership position in the evolution of finance.”
