$349.72M
, 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co-CEO, Arjun Sethi, stated in a June 26 blog post that the app was developed in response to what he sees as an outdated financial system.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.
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