Kraken unveils Krak global app with phased Australian rollout ahead
Kraken has launched its new all-in-one global money app, Krak, with a phased rollout including plans to introduce the platform to Australian users in the near future.
The Krak app is designed to provide users with the ability to manage, store, save, and spend both digital and fiat assets through a unified interface. Upon launch, Krak offers features such as peer-to-peer payments, dedicated spend and earn accounts, as well as the flexibility to transact and hold over 300 different assets.
Phased global launch
Kraken has confirmed that while the Krak app is now available in certain markets, its Australian launch will follow as part of a staggered release strategy.
A spokesperson for Kraken commented, "Australia is a key market for Kraken's global operation, and we're excited to bring the Krak app to local users soon—empowering them with smarter ways to store, save, and spend their assets. Today's launch marks the beginning of a phased global product rollout. While the app isn't immediately available in Australia, we're actively working to unlock access in the near future."
The company highlighted that Krak aims to address inefficiencies in the current financial system by leveraging crypto technology and multi-asset support. According to Kraken, the platform is built for a "global, digital-first generation" seeking improved access to managing both crypto and fiat assets together.
Key app features
The Krak app supports instant peer-to-peer payments across 110 countries. Utilising a personalised payment ID known as "Kraktags," users can send and receive payments across more than 300 assets, including cryptocurrencies, stablecoins, and fiat currencies where available, without needing to share bank or wallet details.
Spend and earn accounts are another core component at launch. According to Kraken, eligible users may earn up to 4.1% rewards on balances of the USDG stablecoin, alongside additional opportunities to earn up to 10% on more than 20 other digital assets. These accounts are designed without minimum contribution requirements, subscriptions, or lock-in periods.
Future roadmap
Kraken outlined plans to introduce further features to the Krak platform, including physical and virtual Krak cards intended to enable spending at merchants worldwide, both online and in-store, using both fiat and crypto assets from within the app. There are also plans for the rollout of financial services such as lending, loans, and credit card programmes.
"We built and launched the Krak app because the financial system has been stuck in the past, and we think it's time to do something about it. 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," said Arjun Sethi, Kraken's co-CEO.
The company believes Krak can serve as an all-in-one financial hub, allowing people to move and use their money more freely, whether for cross-border family support, daily spending, or savings growth, while giving users increased control over their assets.
Vision for accessibility
"We believe that basic financial services should be universally accessible, and that money should move as easily as information does. Krak is just the beginning. We see it as a foundation. A core building block for how people everywhere will manage their money in the future," Sethi added.
Kraken's global operation serves clients in multiple countries and supports trading across over 300 digital assets, as well as six national currencies including GBP, EUR, USD, CAD, CHF, and AUD.
