Crypto exchange Kraken has debuted a peer-to-peer payments app to compete with the likes of CashApp and Vemno. The San Francisco, California-based company released Krak on Thursday, allowing users to send and receive payments in more than 300 currencies—including crypto—to over 110 countries. Kraken’s main platform allows users to buy, sell and bet on the future price of hundreds of digital coins and tokens.
Kraken co-CEO Arjun Sethi said that the app was built to compete with a financial system “stuck in the past. With Krak, we’re taking a bold step toward rebuilding what we consider to be the most important layer of the global economy: How people move and use money,” he added.
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