Kraken introduces crypto payment service, Kraken Pay

The platform enables account holders to transfer funds internationally and settle transactions instantly. Following the launch, Kraken pointed out that traditional financial transactions, especially cross-border payments, can be slow and costly. Kraken Pay aims to simplify the process by allowing users to send payments directly from their Kraken accounts.  

The service supports conversions between different assets, making it possible for a sender using Bitcoin to transfer funds to a recipient who prefers CHF, with Kraken handling the conversion and settlement.

Instant cross-border and multi-currency transactions 

Users can choose any cryptocurrency or fiat currency available in their Kraken account and send payments globally without fees. Transactions are processed instantly, eliminating the delays often associated with international money transfers. 

Kraken Pay also introduces a paylink feature, which allows users to send payments through a simple URL. The paylink can be shared via messaging services such as SMS or WhatsApp. Recipients can claim the funds by clicking the link, and those without a Kraken account can create one to access the transferred assets. 

To further streamline transactions, Kraken Pay includes a feature called @Kraktag, a unique identifier for users. Instead of entering full bank account details, senders can use an @Kraktag to direct payments to a specific recipient. Each @Kraktag is customisable and unique to its owner.

Other developments from Kraken

In November 2024, Kraken decided to pull the plug on its non-fungible token (NFT) marketplace, a little over a year after its official launch. 

Users received a three-month window to transfer their NFTs before the marketplace shut down completely. The exchange indicated that the decision aligned with efforts to allocate resources to new and developing projects. At the time, a Kraken spokesperson stated that the closure was part of wider strategy that allowed the company to prioritise resources for new products and services that were in development.