The app aims to address persistent issues within traditional financial systems, which Kraken co-CEO Arjun Sethi described as slow, costly, and opaque. Kraken cites outdated infrastructure, like decades-old banking software and batch processing, leading to delays of several days for transfers and high fees, especially for remittances often exceeding 6%.

Krak, built on blockchain technology, enables users to send funds instantly to over 160 countries using unique “Kraktags” identifiers at no cost. Users can hold and transact across more than 300 assets – including fiat, crypto, and stablecoins – within a single account. The app also offers yield, such as 4.1% APR on its USDG stablecoin.

Future features include physical and virtual debit cards for global spending and collateral-based lending against holdings. Kraken emphasizes Krak’s use of public blockchains for real-time settlement, eliminating intermediaries to reduce fees and latency. Kraktags replace complex account numbers or wallet addresses.

Kraken positions Krak as a foundational step towards a faster, borderless, and more accessible financial system, contrasting it with traditional finance’s exclusion of over 1.4 billion unbanked adults and high transaction costs even in advanced economies.

Sethi stated Krak is the beginning of a long journey to “remove friction from finance” and build what comes after traditional banks. The app enters a competitive field dominated by established players like Venmo, Zelle, Paypal, Revolut, Wise, Stripe, and Cash App.

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