The Kraken cryptocurrency exchange has introduced the Krak global peering payment system, available for users from more than 160 countries, including the United States. The system supports translations in digital and fiat currencies.

Kraken Product Director Eric Kuhn said that the new Krak payment application Allows Send and receive funds to users with minimal commissions using more than 300 of the most popular assets, including cryptocurrencies, stablecoins and fiat currency.

Kun added that the Krak application integrates the functions of managing digital assets and traditional finances, and also supports automatic investment functions, which expands the availability of cryptocurrencies for retail users.

Kraken noted that in its functionality, KRAK can compete with popular payment services such as PayPal, Venmo or Cashapp.

For example, the KRAK application uses unique identifiers to simplify transactions, which minimizes the need to enter the banking data of users, and also offers a profitability of up to 10% on stabelcoins and more than 20 other digital assets, without compulsory locks or subscriptions.

The day before, the Kraken cryptocurrency exchange announced a license from the Central Bank of Ireland, which opens up opportunities for providing regulated services in 30 countries of European economic community.