Key Insights:
- Kraken Crypto has secured a MiCA license from the Central Bank of Ireland.
- Kraken has launched Krak, a payments app that allows users to send and receive money in 300+ countries, supporting both fiat currencies.
Kraken Crypto is one of the leading and most trusted cryptocurrency exchanges in the United States. It now appears to be making a bold move, not just in crypto, but in other financial offerings as well.
In addition, the exchange is giving tough competition to the largest U.S. crypto exchange, Coinbase, and seems to be expanding into other countries.
Kraken Crypto Exchange Wins License to Operate Across EU
Amid the volatile market, Kraken crypto exchange has recently secured a regulatory license under the European Union. This license is based entirely on the European Union’s Markets in Crypto-Assets (MiCA) regulation, as the company announced on June 25, 2025.
However, this announcement comes a week after Coinbase received a similar regulatory license in Luxembourg.
Following this approval, the Central Bank of Ireland has authorized Kraken crypto exchange to offer its wide range of crypto services across the 27 EU member states. This marks a pivotal milestone for Kraken, as it has unlocked the path to expand and scale its crypto business in other countries.
Upon achieving this milestone, Arjun Sethi, co-CEO of Kraken crypto exchange, stated, “Securing a license from the Central Bank of Ireland, with its long heritage and experience as a rigorous financial regulator, isn’t just about compliance. It’s a powerful signal of Kraken’s commitment to expanding the crypto ecosystem through responsible innovation.”
He further stated, “We’re deeply grateful to the Central Bank of Ireland for its professionalism, and to the Irish Government and IDA for their consistent support. This collaboration is a blueprint for how public and private sectors can work together to build a more secure, innovative financial future for Europe, and we’re proud to be leading the way.”
With this license, Kraken crypto exchange is able to extend its regulated offerings to millions of clients across the EU. This not only allows it to give tough competition to other major exchanges but also enhances its significant growth opportunities across retail, professional, and institutional client segments, including in spot trading, derivatives, and payments.
Kraken Launches Peer-to-Peer Payment App: Krak
In addition to this development, Kraken crypto exchange has also stepped into the peer-to-peer payment space. On June 26, 2025, the exchange debuted a new payments app called Krak, which allows users to send and receive payments in over 300 countries.
Reports reveal that this payment app will not only support peer-to-peer transactions but also offer crypto services in just 110 countries.
According to the news, Kraken Crypto’s Krak app supports all major currencies, including EUR, USD, INR, and others. In addition to fiat currencies, it also supports cryptocurrencies and tokens. Mark Greenberg, Kraken’s Global Head of Consumer, stated that the app will have multiple use cases across different countries.
Following the launch of Krak app, the co-CEO said, “With Krak, we’re taking a bold step toward rebuilding what we consider to be the most important layer of the global economy: How people move and use money.”
He also noted, “If you’re in the United States—or if you’re in Canada, like me—it’s actually really hard to move money to friends in the United States, and I can use Krak to do that. If you’re in Latin America, in a country with higher inflation, you may want to store your assets and U.S. dollar stablecoins and earn yield on those—you can do that with Krak. If you want to hold your payroll in Bitcoin and then eventually spend it on a card, you can do that.”
