Kraken Launches Krak Payment App With $1,000 Stablecoin Giveaway

Crypto exchange Kraken has unveiled its own payment app called Krak. The new product aims to compete with services like Venmo, PayPal, and Cash App. Users can send instant local and international transfers in over 160 countries with zero fees, while earning rewards for storing digital assets.

Payments, Staking, and Cashback in One Interface

The app allows free transfers of both fiat and cryptocurrencies. Users can earn up to 4,1% annual yield on holdings of Global Dollar (USDG), a stablecoin issued by Paxos. Staking other digital assets can generate up to 10% returns. Krak also supports swaps between more than 300 currencies and assets.

More features are on the way. Future updates will include crypto-backed loans and the launch of physical and virtual Krak cards. The platform also plans to introduce “Kraktags”, similar to Ethereum Name Service (ENS) domains, to make address-based transfers more user-friendly.

According to Kraken co-CEO Arjun Sethi, the app is built on open infrastructure with no intermediaries. All transactions are processed on public blockchains in real time, with no delays or hidden fees.

Kraken Eyes IPO and Diversifies Its Business

The launch of Krak is part of a broader strategy to expand beyond crypto trading. Earlier this year, Kraken introduced tokenized stock trading for non-US clients and acquired futures platform NinjaTrader for $1.5 billion. According to Bloomberg, these moves support Kraken’s preparations for an initial public offering (IPO).

$1,000 Giveaway for App Launch

To promote the launch, Krak is hosting a $1,000 giveaway in USDG stablecoins. The event runs from June 26 to July 3, 2025. To enter, users must sign in to the Krak app with their Kraken account credentials and send a request for a $20 USDG transfer from the @krak handle. Each user can enter only once.

A total of 50 winners will be selected. Each will receive $20 USDG within 30 days of confirmation. No deposit or purchase is required to participate.

Who Can Participate

The giveaway is open to users in the US (excluding IN, ME, NY, TX, and WA), most European countries, and other regions where Kraken is officially licensed. Employees of Kraken, as well as their relatives, partners, and contractors, are not eligible. Winners must verify their identity and comply with platform rules.

Kraken reserves the right to modify or suspend the giveaway in the event of technical issues, legal restrictions, or other circumstances. All disputes will be handled through arbitration in London under LCIA rules. By participating, users agree to the privacy policy and consent to share their personal data for the purposes of fulfilling the giveaway.

Previously:

• Kraken Secures MiCA License From Ireland’s Central Bank
• Kraken to Launch 24/7 Trading of Tokenized Apple, Tesla, and Nvidia Stocks

This post is for informational purposes only and does not constitute advertising or investment advice. Please conduct your own research before making any financial decisions.