Klarna has launched instant peer-to-peer payments in 13 European countries, allowing app users to send money to contacts directly and signalling the company’s evolution beyond BNPL into full everyday banking services.

(Reuters) -Crypto exchange Kraken on Thursday launched a peer-to-peer payments app that enables users to send and receive funds - in both cryptocurrency and fiat currency - across more than a hundred countries. The move is a bid to expand Kraken’s offerings beyond its digital asset trading business, and puts the firm in competition with PayPal (NASDAQ:PYPL), Venmo and Block’s CashApp. WHY IT’S IMPORTANT Crypto exchanges such as Kraken are increasingly signaling an interest in expanding outside of the digital asset trading that initially became popular with retail investors. Kraken said last month that it is launching tokens of U.S. equities, called xStocks, in select markets outside the United States. CONTEXT Krak users will have a dedicated spend account and will be able to instantly send and request payments across 300 different assets, including crypto and local currencies, the company said in a press release. Crypto transfers will be made using blockchain technology, while Kraken will make cash transfers internally without using external banking infrastructure. KEY QUOTE "We’re able to move money across borders right off the bat, because that’s what we do from a trading perspective in our venues, and we’ve actually already spent over 10 years building out that system for money transmitter licenses... in all the jurisdictions," said Arjun Sethi, co-CEO of Kraken, in an interview with Reuters. "You have to do that as an exchange anyways, and so what we realized is that our customers just wanted to do more with their money." WHAT’S NEXT Kraken plans to launch a series of products through Krak in the future, including physical and virtual cards as well as pay-in-advance services like loans, the company said. With PYPL making headlines, savvy investors are asking: Is it truly valued fairly? In a market full of overpriced darlings, identifying true value can be challenging. InvestingPro's advanced AI algorithms have analyzed PYPL alongside thousands of other stocks to uncover hidden gems. These undervalued stocks, potentially including PYPL, could offer substantial returns as the market corrects. In 2024 alone, our AI identified several undervalued stocks that later surged by 30 or more. Is PYPL poised for similar growth? Don't miss the opportunity to find out.

Can a String of Code Be the Key to Financial Freedom for Billions? Think about your day. You probably used a debit card for coffee, maybe paid a bill online,…

Peer to Peer Payment Market will grow at 17.72% CAGR, reaching $15703.2 Billion by 2035 | technological advancements and increasing consumer adoption, with a projected 17.72% CAGR from 2025 to 2035.

Peer to Peer Payment Market will grow at 17.72% CAGR, reaching $15703.2 Billion by 2035 | technological advancements and increasing consumer adoption, with a projected 17.72% CAGR from 2025 to 2035.