Cryptocurrencies
Crypto Platform Kraken Plans to Launch Competitor to Venmo, Block’s Cash App
Kraken is also planning a range of credit services, including loans and credit card programs in addition to the app.
Photographer: Tiffany Hagler-Geard/BloombergCrypto exchange Kraken is developing a financial services app targeting remittances and payments, further diversifying the company’s revenue streams ahead of a potential stock market debut.
The new app, named Krak, will allow businesses and consumers globally to send and receive both crypto and traditional currencies across borders at little to no cost, Kraken said in a statement Thursday. At launch the app will support more than 300 assets, but will operate in a partially closed system where customers can only send cash to other Krak users or withdraw to their own bank account.