Kraken
$117.84M
The app allows users to send and receive over 300 types of currency across more than 110 countries.
Instead of relying on bank accounts, Krak uses a system where each user selects a unique “Kraktag”, similar to a username, which makes it easier to transfer money, similar to how PayPal or Cash App works.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is SushiSwap? DEX & Sushi Token Animated Explainer
Users can transfer funds in US dollars, euros, pounds, or cryptocurrencies without needing to register with a bank. All transfers are handled within Kraken’s system.
Krak is not just for sending money. Users can also earn a return by holding a stablecoin called USDG, which is issued by Paxos. This means people who leave funds in the app can earn passive income.
Kraken’s co-CEO, Arjun Sethi, stated in a June 26 blog post that the app was developed in response to what he sees as an outdated financial system. He explained that the goal is to improve peer-to-peer money transfers worldwide.
Krak’s wide reach may be helpful for freelancers, small businesses, or anyone working across borders.
On June 12, Binance introduced a new feature allowing users to assign an emergency contact who can claim their crypto after a period of prolonged inactivity. How did the crypto community respond? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
