Kraken Introduces App in Canada, Enabling Transactions for More Than 300 Digital Assets
In a groundbreaking move, Kraken, the Silicon Valley-based cryptocurrency exchange, has launched a new mobile app called Krak. This innovative platform aims to modernize financial services and address persistent challenges for both the unbanked and traditional bank users, particularly in advanced economies.
The Krak app, registered in Canada as the second international cryptocurrency exchange after Coinbase, boasts a suite of features designed to revolutionise the financial landscape.
**Key Features**
Krak enables users to transfer funds instantly across 110 countries using over 300 assets, including cryptocurrencies, stablecoins, and traditional fiat currencies. Notably, the app does not charge fees for transactions, reducing the cost barriers often found in traditional banking systems.
In addition, Krak offers yields of up to 4.1% on USDG (a stablecoin) and up to 10% on certain cryptocurrencies, blending the benefits of traditional savings accounts with those of crypto wallets. The app also seamlessly integrates a traditional bank account experience with crypto wallet capabilities, making it easy for users to manage both digital and fiat assets in one place.
The user-friendly interface simplifies asset management and transactions, with features such as portfolio tracking, instant transfers, and easy account funding.
**Benefits**
Krak is poised as a foundational step towards a more accessible financial system, specifically targeting the 1.4 billion unbanked adults worldwide by removing traditional barriers to entry such as high costs and complex requirements. By eliminating fees and offering instant transfers, Krak reduces the expense and friction associated with both international and domestic payments.
Users can also earn attractive yields on their holdings, competing with or exceeding traditional savings accounts. Krak leverages Kraken’s existing technology and user base to provide a seamless, efficient, and innovative alternative to legacy banking systems.
**Addressing Challenges**
For the unbanked, Krak removes the need for traditional bank accounts by supporting direct access to digital payment networks, stablecoins, and cryptocurrencies. This enables financial inclusion for those historically excluded from the banking system.
In advanced economies, Krak addresses issues such as high fees, slow processing times, and limited yield by offering instant, no-fee transactions and high-yield options, effectively competing with established platforms like Venmo, Zelle, PayPal, Revolut, Wise, Stripe, and Cash App.
Cynthia Del Pozo, Kraken’s General Manager for North America, stated that Canada is at a turning point for crypto adoption, with Kraken’s registration in Canada a testament to the high bar Kraken has always set for consumer protection, client service, and robust security. Kraken secured a Restricted Dealer registration in Canada earlier this year and plans to roll out physical Krak cards in the future.
In summary, Krak is designed to provide a faster, borderless, and more accessible financial system, leveraging digital assets to address the needs of both the unbanked and users in advanced economies by reducing friction, lowering costs, and offering attractive returns. The Krak app is tailored for the digital-first generation, aiming to tackle challenges faced by unbanked and bank users by providing almost cost-free international transactions.
- The Krak app, which is registered in Canada as the second international cryptocurrency exchange after Coinbase, offers a unique blend of financial services, technology, and fintech, aiming to revolutionize the financial landscape.
- By enabling users to transfer funds instantly across 110 countries using over 300 assets, including cryptocurrencies, stablecoins, and traditional fiat currencies, Krak seeks to eliminate traditional barriers to entry such as high costs and complex requirements.
- Krak addresses challenges in advanced economies by offering instant, no-fee transactions, high-yield options, and a seamless integration of traditional bank account experiences with crypto wallet capabilities, competing with established platforms like Venmo, Zelle, PayPal, Revolut, Wise, Stripe, and Cash App.
- In a move towards financial inclusion, Krak removes the need for traditional bank accounts for the unbanked, by supporting direct access to digital payment networks, stablecoins, and cryptocurrencies, enabling them to manage both digital and fiat assets in one place.
