Kraken has unveiled a payment platform to compete directly with PayPal, Venmo, Cash App, and MoonPay. [ANNOUNCEMENT]

The core thesis: leverage crypto rails to eliminate the intermediaries and delays that plague traditional cross-border payments.

But Krak isn't just another payment app trying to be the next Venmo.

It's attempting something far more ambitious: becoming the everything app for money, aiming at the $213 billion cross-border payments market.

Why we're launching Krak - Kraken Blog Kraken Blog

The Opportunity

The global cross-border payments market is projected to reach $321 billion by 2030 (7.1% CAGR), driven by persistent inefficiencies in traditional infrastructure:

  • Cost friction: World Bank data shows 6.4% average fees for $200 transfers—more than double the UN's 3% target

  • Speed friction: Traditional bank transfers require 1-3 days vs. blockchain settlements in minutes

  • Access friction: 1.7 billion adults remain unbanked, excluded from formal remittance channels