The connections between the cryptocurrency sector and traditional finance are growing. After neobanks, it’s now time for crypto exchange apps, as demonstrated by the arrival of “Krak,” launched today by Kraken.
When cryptocurrencies meet traditional finance
Not so long ago, traditional finance didn’t want to hear about cryptocurrencies, and vice versa. Then, their obvious usefulness combined with ever-increasing adoption broke down these historical barriers.
This shift was greatly accelerated by the approval of spot Bitcoin ETFs in January last year. But other developments have since confirmed the trend, such as Donald Trump’s pro-crypto presidential campaign and the emergence of regulatory frameworks designed to clarify the situation.
In practice, this evolution is blurring the lines between the banking and financial sectors and the cryptocurrency ecosystem. This is an opportunity for major crypto exchanges to try their luck outside the crypto space with increasingly innovative offerings.
Kraken launches the all-in-one app “Krak”
This is exactly what the Kraken platform has just done with its brand new “global app” called Krak. The service is billed as an “all-in-one” solution designed to promote economic freedom in the face of a financial system that is presented as obsolete.
“By combining crypto innovation with everyday financial services, the Krak app is positioning itself as an alternative to traditional finance and redefining the way the world sends, saves, and spends money.”
-Kraken
The services offered by Kraken’s Krak app range from cross-border payments to asset management, supporting over 300 traditional currencies and digital assets. All this in an environment designed to “combine the freedom of cryptocurrencies with the simplicity of everyday finance.”
Introducing @Krak The money app for people who want more.
More ways to pay
More freedom to send
More opportunities to grow
More rewards and money in your pocketGet Krak 👇https://t.co/iGnDkIQmVb pic.twitter.com/fwac24S2XR
— Krak (@Krak) June 26, 2025
Currently, two main features are available:
- Peer-to-peer payments: send funds instantly and at low cost to other Krak users using “Kraktags”.
- Rewards and returns: rewards for transactions and returns on USDG stablecoin balances and over 20 different digital assets.
Other services are planned for the future, such as a physical or virtual payment card and a full range of financial services such as personal loans and credit programs. Suffice to say that the neobank is not far off.
