Kraken

Kraken has launched Krak, a next-gen mobile app designed to tackle outdated financial systems by enabling instant, low-cost cross-border transactions. The Wyoming-based fintech firm aims to serve both unbanked populations and fee-weary users in advanced economies.

Supporting over 300 assets, Krak allows peer-to-peer payments, offers up to 4% rewards on USDG balances, and plans to introduce physical cards. Co-CEO Arjun Sethi described the app as a “core building block” for modern finance. Kraken recently gained Restricted Dealer status in Canada after surpassing $2 billion in assets under custody, further expanding its regulatory presence in North America.

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Kraken has received Restricted Dealer registration from the Ontario Securities Commission, solidifying its position among a select group of crypto exchanges meeting Canada’s investor protection standards. The approval follows a years-long pre-registration undertaking, enhancing Kraken’s governance, compliance, and security protocols.

The exchange also announced Cynthia Del Pozo as its new North America GM, highlighting its growth focus in Canada. Kraken has doubled its Canadian workforce, seen rising monthly users, and now holds over $2 billion in assets under custody. This move follows Coinbase’s registration, signalling Canada’s increasing regulatory clarity in the digital asset space.

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Kraken’s Canadian operations have surpassed CAD $2 billion in client assets and cash under custody, cementing its position as one of the country’s largest cryptocurrency trading platforms. General Manager Alex Mehrdad credited Kraken’s focus on user experience and innovative products for the milestone.

In 2024, Kraken doubled its Canadian presence and worked to close the knowledge gap surrounding cryptocurrency, with 54% of Canadians now able to define crypto, according to the Ontario Securities Commission. Mehrdad reaffirmed Kraken’s commitment to fostering adoption and reducing barriers to entry for Canadians.

Want to know more? Check out the source code on Fintech.ca.