Kraken Debuts Instant Crypto Payments Offering Kraken Pay
Cryptocurrency exchange Kraken now lets users make payments with their accounts.
Kraken Pay allows users to choose the crypto or fiat currency in their accounts that they want to send and transmit that payment instantly, according to a Wednesday (Jan. 29) company blog post.
“The process takes seconds and is free,” the post said. “Better yet, if you only have bitcoin but your friend only wants Swiss francs, Kraken will manage both the asset conversion and settlement transfer in one step. This means all you have to do is choose an asset from your account and then choose which asset your friend wants to receive.”
Payments are sent via a paylink, a URL that can be sent over any messaging service, per the post. The recipient clicks on the link to accept payment.
“If your friend or family member doesn’t have a Kraken account, you can still send them a broad range of fiat and cryptoassets using a paylink,” the post said. “All they need to do is set up a Kraken account after clicking on the paylink, and with a couple easy steps, they can claim the funds.”
The announcement came amid a changing crypto landscape brought on by the second term of President Donald Trump. Among Trump’s first actions after his inauguration Jan. 20 was the establishment of a working group focused on coming up with a national regulatory framework for digital assets.
“For years, the payments industry has grappled with a patchwork of state and federal regulations, creating uncertainty for innovators and investors alike,” PYMNTS wrote Jan. 24. “A unified framework could alleviate these challenges, making it easier for payment providers to navigate compliance and scale their operations.”
Stablecoins could play a key role in transforming cross-border payments, that report said. By doing away with the need for intermediaries, stablecoins cut down on transaction costs and offer real-time settlement. For businesses conducting international trade, this could mean quicker access to working capital and less exposure to currency volatility.
Realizing the protentional of stablecoins will require ensuring compliance with anti-money laundering and counter-terrorism financing regulations. Plus, payment providers will need to invest in robust know your customer and transaction monitoring solutions to build trust with regulators and end users.
