Kraken
$113.71M
, the crypto exchange, has launched a new app called Krak, aimed at making everyday money transfers simpler for people around the world.
The app allows users to send and receive over 300 types of currency across more than 110 countries.
Instead of relying on bank accounts, Krak uses a system where each user selects a unique “Kraktag”, similar to a username, which makes it easier to transfer money, similar to how PayPal or Cash App works.
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Users can transfer funds in US dollars, euros, pounds, or cryptocurrencies without needing to register with a bank. All transfers are handled within Kraken’s system.
Krak is not just for sending money. Users can also earn a return by holding a stablecoin called USDG, which is issued by Paxos. This means people who leave funds in the app can earn passive income.
Kraken’s co-CEO, Arjun Sethi, stated in a June 26 blog post that the app was developed in response to what he sees as an outdated financial system. He explained that the goal is to improve peer-to-peer money transfers worldwide.
Krak’s wide reach may be helpful for freelancers, small businesses, or anyone working across borders.
On June 12, Binance introduced a new feature allowing users to assign an emergency contact who can claim their crypto after a period of prolonged inactivity. How did the crypto community respond? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
