Kraken Lanza Krak, his new payment application to compete with Paypal and Venmo

This is the new bet of Kraken, with which it seeks to transform global payments, entering the competition where some of the most recognized companies in the world are.

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• Kraken presents Krak, Your pay -payment app and Crypt worldwide.
  
• The app includes staking rewards, cards Krak and “Kraktags.”
• It also facilitates payments in more than 160 countries.
  
• Aims to position itself as a native alternative crypt a PayPal and Venmo

Kraken, One of the most important cryptocurrency exchanges in the world, has just announced the launch of Kraka new application of payments that combines Fiat money functions and digital assets. This app seeks to position itself as a cryptocative alternative against giants such as Paypal, Venmo or cash app, with the promise of offering rapid, simple and without intermediaries global transfers.

The announcement comes in a statement published by the company, where they report that the launch of Kraken It is associated with its expansion strategy, with which it seeks to expand its scope beyond the purely crypto ecosystem. Let us keep in mind that the Exchange is already in plans to become a public company, and quote its actions in the US stock market.

Krak: Easy payments and rewards per crypto

In relation to this product, the application Krak It will allow users to send and receive local payments at no cost and make international transactions without commissions in more than 160 countries.

In addition, it will offer rewards of up to 4.1% to maintain Global Dollar (USDG)a stablecoin linked to the US dollar issued by Paxos For other cryptocurrencies, users will be able to obtain up to 10% in Staking rewards, according to the official statement.

Krak not only aims to facilitate daily payments, but to become a comprehensive financial platform that takes advantage of the open networks of networks Blockchain Public:

“We build this about infrastructure without permits. Public blockchains liquidate globally, real time. There are no intermediaries that add friction or costs,” said Arjun Sethi, co-zo de Kraken.

Advanced functions: crypto credit line and cards Krak

Among the outstanding characteristics of Krak There are a credit line backed by cryptocurrencies, which will allow users to access liquidity without selling their assets, and the launch of physical and virtual cards.

In addition, the app will include “Kraktags”, a function similar to domains Ens (Ethereum Name Service), which replaces addresses Blockchain Complex by legible identifiers for humans. This seeks to simplify the user experience by sending or receiving payments, a barrier still persistent for the mass adoption of crypto.

According to Kraken, Its business model will mainly support the commissions that are generated by exchanging currencies or assets within the app. Krak It will be compatible with more than 300 Fiat and Crypt coins.

The launch of Krak It is part of a broader strategy of Kraken to diversify your services and prepare for an eventual debut in the stock market. In recent months, the company has taken important steps in that direction.

At the beginning of the year, Kraken He announced that he will offer operations with tokenized actions for users outside the United States. In addition, he acquired Ninjatrader, A platform of future retailers based in the USA. UU., In an operation valued at USD $ 1.5 billion.

With these initiatives, Kraken It seeks to build a full financial ecosystem that combines the best of traditional and decentralized finances, always maintaining as a central axis the user’s control over their assets.

Growing competence between payment and crypto apps

Krak It is not the only commitment of a company that bets on the convergence between payments and crypto.

Venmo, Property of Paypal, He integrated cryptocurrency -sale functions in 2021, shortly after PayPal It would do so in 2020. Both platforms have also incorporated compatibility with Ens to facilitate payments with crypto.

In 2023, PayPal He launched his own stablecoin, Pyusd, as part of its strategy to maintain leadership in the sector. However, the proposal of Krak It differs at birth directly from the crypto world, with an architecture based from the beginning on networks Blockchain open and without intermediaries.

This native approach could give it a competitive advantage over hybrid solutions developed by traditional companies.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

Original image of Unspash, edited with Canva

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

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