Kraken presents its payment service between individuals

One of the most internationally renowned cryptocurrency platforms, Krakento contribute to the democratisation of the cryptoactive. After having done that close of the Mastercardlast April, to facilitate access to cryptocurrency services, Kraken will now also offer its own payment service between individuals.

FACTS

• Kraken's new personal payment service was simply called Krak. His promise is simple: to allow all users of Kraken services to send money free of charge, anywhere in the world.

• Krak is presented as an all-in-one, international financial application and designed on cryptographic infrastructure. In particular, it must allow its users to send and receive funds instantly in more than 160 countries thanks to the Kraktags (the Kraken payment system).

• Each user of the service will be assigned a Kraktag, its identifier within the system, to allow them to receive and send funds. Krak accounts can then be credited by card, transfer or cryptoactive.

• Nearly 300 assets can be managed since the application, including cash, cryptocurrency and stablecoins.

• Kraken also combines with its payment service a reward system, a paid savings offer and an expenditure management tool. Kraken promises up to 10% return on more than 20 digital assets, and 4.1% on the USDG stablecoin.

• Kraken specifies to pay for this service thanks to the exchange fees presented in a transparent manner, applicable when converting assets or currencies.

• The Krak app is already available, downloadable on Android via Google Play and iOS via the App Store.

ISSUES

• Promoting financial inclusion Kraken presents Krak as an alternative to the traditional financial system, able to include some 1.4 billion unbanked adults around the world today according to World Bank. Kraken claims some 10 million users of its crypto services currently.

• Developing a comprehensive financial service Kraken states that his ambitions will soon extend through the launch of physical and virtual Krak cards as well as a personal credit offer. Kraken is officially seeking to build an all-in-one service, alternative to traditional banking services, in direct competition with services such as Revolut, Lydia, Venmo or even Wero For example.

PERSPECTIVE

• From crypto-platform, Kraken wants today to become a player in financial services in the broad sense. Its ambitions thus exceed those of simply democratizing the use of cryptoactives.

• The announcement of the launch of Krak takes place on the margins of obtaining the MiCA license by Kraken. The cryptoplatform was thus authorised by the central bank of Ireland to strengthen its presence in Europe to offer its services to all EU investors.

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