Kraken Rivals Ripple With Krak App Launch For Borderless Payments

Kraken, a leading cryptocurrency exchange, has unveiled its new Krak app, aiming to challenge Ripple in the borderless payments space. The app enables users worldwide to send and receive both digital and traditional currencies.

Kraken’s Krak App Targets Retail Payments with Zero Fees 

Launched ahead of Kraken’s planned 2026 stock market debut, the app supports over 300 cryptocurrencies. According to Reuters, Krak offers a seamless way to transfer funds to other app users or personal bank accounts.

Unlike Ripple’s focus on institutional cross-border solutions, Krak targets everyday consumers and businesses, emphasizing affordability and ease. Physical and virtual debit cards will soon be available.

This will allow users to spend their balances directly, expanding the app’s utility. Kraken also plans to introduce loans and credit programs, broadening its financial offerings. Co-CEO Arjun Sethi said the app aims to attract non-crypto users by leveraging Kraken’s robust exchange infrastructure.

Krak stands out by charging no transaction fees and users can earn up to 10% rewards on select assets, like 4.1% on USDG, a stablecoin tied to a global consortium Kraken supports. This mirrors Ripple’s push for efficient transactions but prioritizes retail accessibility over institutional partnerships.

Kraken’s shift into payments follows its recent moves, like charging zero fees for trading U.S. stocks and acquiring a futures platform for $1.5 billion.

Industry Experts Respond To Krak’s Launch

Besides Ripple, these steps position Kraken against fintech giants like Venmo, Revolut, and Cash App and most recently, Coinbase Payments. While Ripple partners with financial institutions for large-scale transactions, Krak focuses on user-to-user transfers, offering a fresh alternative.

Industry experts view Krak as more than just another payments app. Analysts from investment firm, Oppenheimer say it marks Kraken’s shift into full-service finance.

According to them, it is a bridge between crypto and traditional money tools. It’s part of a larger push to serve users who may never trade coins but still want fast, modern financial services.

Banking consultant Citi and accounting giant PwC note that the timing is right. As global rules around digital money become clearer, apps like Krak can grow without getting stuck in legal gray zones.

They also stress that user experience matters more than ever. For Krak to stand out, it must feel as smooth as the best banking apps. In addition, chief of staff at Dutch neobank Bunq, Bianca Zwart, says services like Krak could bring crypto into everyday life.

He added that the app is not just as a trading tool, but a part of how people save, spend, and send money worldwide. Earlier, Ripple’s RLUSD stablecoin was integrated into Alchemy Pay’s system for better fiat-to-crypto payment solution.