Crypto exchange Kraken launched its new peer-to-peer payments app, Krak, on June 26, 2025, enabling users to send and receive funds in both cryptocurrency and fiat currency across more than a hundred countries. This move positions Kraken as a direct competitor to Block's Cash App and PayPal's Venmo.
The introduction of Krak signifies Kraken's strategy to expand its offerings beyond digital asset trading, aiming to capture a share of the broader payments market. The app is built on crypto infrastructure, blending traditional finance familiarity with blockchain speed and flexibility.
This new competition could exert pressure on Cash App's user growth and monetization, particularly as Kraken targets a global user base with its integrated crypto and fiat payment capabilities. The fintech landscape continues to intensify with new entrants challenging established players.
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