Cryptocurrency Exchange Giant Kraken introduced a blockchain-driven global money app called Krak, which allows users to instantly trade across borders of almost no cost while earning competitive rewards on their account balance.
Krak is designed to solve the outdated norms for older funding, Kraken said, mixing cryptotechnology with Exchange’s trusted network of banking conditions and payment partnerships. The app allows users to send money peer-to-peer over 110 countries and use 300 Plus assets spanning cryptocurrencies, stableecoins and Fiat currencies without inserting bank details or crypto-cargo addresses, according to a press release.
As the United States opens more to crypto, big exchanges such as Coinbase and Kraken are busy closing gaps in their customer offers, whether it benefits from crypto rails for payments, earns dividends or trading holdings.
The Krak app will also offer dedicated consumption and earn accounts where eligible users can earn up to 4.1% reward on USDG StableCOin balances as well as additional options across 20+ digital assets that provide up to 10%. USDG is the Dollar-Pegged token of the global dollar network where Kraken is a key member.
“Look, Banking sucks; maybe it’s the simplest way of saying it,” said Mark Greenberg, Kraken’s global leader of consumer product in an interview. “I spent my whole career in banking and tried many different ways over the years to try to make it better. But it’s still too hard to move money, to send them, to share them, use it, move it across borders, to earn it in a reasonable way. And crypto has always been a big part of the answer.”
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