Kraken will debut the Krak Crypto and Fiat Payments app in 110 countries

Crypto Exchange Kraken debuted its 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 to over 110 countries in more than 300 currencies (including crypto).

Kraken's main platform allows users to buy, sell and wager future prices of hundreds of digital coins and tokens.

Kraken co-CEO Arjun Sethi said the app was built to compete with a financial system that has been “stuck in the past.”

“With cracks, we have taken a bold step towards restructuring what we consider to be the most important layer of the world economy.

Decryption We have contacted Kraken for additional comment.

The exchange said it announced that users would be internally sending payments using Fiat Money (US dollars, pounds, or euros without having to register a bank account. Instead, the client has a username called “Kraktag”, similar to payment apps such as Cash App, Wise, and PayPal jobs.

Users can also earn returns on Paxos' USDG Stablecoin, the exchange added.

This debut comes as Kraken, one of the world's largest crypto exchanges, offers new products, including stocks and exchange trade fund transactions in certain US.

Kraken announced in March that it would purchase the Futures Trading Platform Ninjatrader for $1.5 billion.

Kraken is about to expand as it emerges from regulatory headwinds. In March, the Securities and Exchange Commission agreed to stop the lawsuit against Kraken, which claimed it was operated as a stock exchange.

Seti said at the time that “the traditional market is run by the banking system of the 1950s and the banking system of the 1950s.” Today's acquisition was the beginning of Kraken's move to become a “system-grade trading platform where assets can be traded at any time.”

The company has it Confirmed In Decryption That it is planning to make it public.