Kraken launches Krak, a super financial app that allows users to send, spend, and grow money without an IBAN or wallet address, in over 110 countries and with over 300 assets.
The app offers instant transfers and yields of up to 4.1% on USDG and up to 10% on other cryptos, combining the benefits of a bank account and a crypto wallet.
Kraken is no longer playing by the rules of traditional finance. With the release of Krak, its “all-in-one” app, the American exchange is bringing out the big guns: instant transfers in over 110 countries, over 300 available assets, attractive yields… all without an IBAN, without a bank account number, without a wallet address. A declaration of war against old banking systems.
We created and launched the Krak application because the financial system has remained stuck in the past, and we believe it is time for a change. With Krak, we take a bold step towards rebuilding what we consider the most essential layer of the global economy: how people move and use money.
Arjun Sethi, Co-CEO of Kraken.
Sending money to the other side of the world in seconds, without a SWIFT code or hidden fees? That’s exactly what Krak offers. The application allows peer-to-peer transfers on a global scale, leveraging Kraken’s crypto infrastructure and banking partners.
Crypto, stablecoins, or fiat currencies: over 300 assets are supported. And most importantly, no need to enter a wallet address or an IBAN. Sending funds becomes as seamless as sending a WhatsApp message. A technical advancement, but also a strategic one: Kraken clearly aims to establish itself in the race for the financial “super-app” of Web3, becoming a competitor to Revolut or bunq.
Earning without complicating life
Krak not only offers fast payments. The app also includes “Spend & Earn” accounts, which allow eligible users to generate up to 4.1% return on their USDG balances, the stablecoin tied to the Global Dollar Network (of which Kraken is a key member). For the more committed, over 20 other assets can yield up to 10%.
In other words, Krak combines the best of two worlds: the efficiency of a crypto wallet and the simplicity of a bank account, without the drawbacks of either.
A simple vision, a strong message: “Banking sucks”
Banking sucks. It’s too complicated to move money around, to grow it, or to use it internationally. Crypto finally brings a real solution.
At a time when U.S. regulators are starting to loosen their grip on crypto-assets, giants like Kraken and Coinbase are launching initiatives to take control. Trading, payments, yields, soon stocks? The battle for super-apps is on.
A strategic positioning in a changing sector
Krak arrives at a crucial moment. In 2025, the crypto finance industry is more mature, more regulated… but still lacking simple and global tools. Kraken is betting that Krak will be the universal interface between the real economy and blockchain rails.
The goal is clear: for Krak to become the entry point for managing, transferring, and making money work, in crypto and fiat, all with a single click. A future where IBAN has no place.
