Furthermore, the app lets users gain up to 4.1% rewards on their holdings of the U.S. dollar-pegged stablecoin, Global Dollar (USDG), issued by Paxos. It also offers up to 10% staking rewards on other digital assets, as stated in a company press release.

The launch of Krak aligns with Kraken’s ongoing expansion strategy. The company is diversifying its asset portfolio beyond cryptocurrencies as it gears up for an IPO. Earlier this year, the company revealed its plans to initiate tokenized stock trading for clients outside the U.S. and acquired U.S. retail futures platform NinjaTrader for $1.5 billion.

Kraken’s latest app is expected to incorporate unique features like a cryptocurrency credit line, enabling users to loan against their digital asset holdings. Users can also look forward to physical and virtual Krak cards and “Kraktags,” a user-friendly system akin to Ethereum Name Service (ENS) domain names, which replaces complicated blockchain addresses to simplify transactions.

According to a statement by Kraken co-CEO Arjun Sethi, Krak is built on “permissionless infrastructure” with public blockchains settling transactions globally in real time. The absence of intermediaries ensures “faster settlement, lower fees, and more access.”

Exchange fees from users swapping one asset or currency for another are anticipated to be Krak’s primary revenue stream. The app supports over 300 crypto and fiat currencies.

Krak positions itself as a cryptocurrency-focused alternative to payment apps like Venmo and PayPal, which have integrated crypto services in recent years. Notably, PayPal launched a stablecoin, PYUSD, in 2023 and Venmo introduced crypto trading features in 2021, one year after PayPal did the same. Both companies have integrated ENS for streamlined crypto transactions.

As for additional information, The Block has reached out to Kraken for further comments.

Disclaimer: This article is for informational purposes only. It is not intended as legal, tax, investment, financial, or other advice.

The post Kraken Challenges PayPal and Venmo with Launch of Global Payments App, Krak appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

The Total Crypto Market Cap (TOTALCAP) experienced a bounce last week, validating the $1.10 trillion horizontal support area. However, the bounce wasn’t strong enough to negate the preceding bearish engulfing candlestick, leaving uncertainty about whether the price will resume its upward trajectory or break down toward the next support level. If the price bounces back, the next resistance will be at $1.25 trillion. However, if it gets rejected, a drop to $1.10 trillion could occur.

In other news, Bitcoin’s average daily transactions over a week reached a new all-time high of 396,350. Venmo is launching a new crypto transfer feature, allowing users to transfer cryptocurrencies between Venmo wallets.

Bitcoin Struggles to Clear Resistance

Similar to TOTALCAP, the Bitcoin price last week wasn’t sufficient in clearing the main resistance at $29,700. Additionally, it didn’t negate the previous bearish engulfing candlestick. If a decrease follows, Bitcoin could fall to the next closest support at $24,400. However, if the price breaks out, the rate of increase could accelerate to $42,500.

SingularityNET’s Uncertain Future

The SingularityNET (AGIX) price has been decreasing inside a descending wedge since March 17. Typically considered a bullish pattern, an eventual breakout from the wedge is the most likely scenario. However, AGIX has touched the wedge’s support line multiple times, indicating that a breakdown from the pattern is possible.

If a breakdown occurs, the price could decrease below $0.28 and fall to $0.20. On the other hand, if it bounces, an increase to the wedge’s resistance line at $0.34 is the most likely scenario. In conclusion, the crypto market’s recent downturn has created uncertainty for various cryptocurrencies, with key support and resistance levels being closely watched by traders and investors alike.

The post What’s Causing the Crypto Market Downturn Today Key Factors and Analysis appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Venmo says their “Cash Back to Crypto” feature is live and credit card users can now spend their cashback rewards to buy digital assets available on the platform. Currently, Venmo provides support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash. 

In his statement to the press, Darrell Esch, senior vice president and general manager of Venmo said: “The Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo.”

Venmo is a PayPal owned payment services provider and it has already acquired over 70 million active customers. It is also a pioneer in providing support for digital assets.

The company is already planning to extend support to other cryptocurrencies and add more advanced features for users. In 2021, Venmo has reported a 183% growth in the number of users on the platform.  

The post Venmo Users Can Now Convert Their Cashback To Crypto appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

PayPal CEO Dan Schulman said that the product has already been developed and will soon be launched to the US customers in the coming months. He said that the preliminary version of the new wallet app was “code complete.” Schulman was updating investors about the Q2 financial progress. 

The new wallet app is expected to provide users with more advanced features and functionalities. PayPal is moving fast to not get left behind – other payment services providers are already launching their dedicated crypto-related products. In his update, PayPal CEO said  that the super app wallets will be “unique, driven by advanced AI and machine learning capabilities.”

The payment service giant reported over 400 million active users as of June 30. Though the year-on-year net profit of the company for the second quarter has taken a hit, they are positive about the growth potential. 

“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” said the PayPal CEO. “We’re also seeing strong adoption and trading of crypto on Venmo.”

Venmo is a payments company launched by PayPal earlier in April this year. The platform already has over 76 million active user accounts and raked in $58 million in revenue for Q2. Venmo also supports crypto trading.

The post PayPal To Launch Crypto-friendly Super App Wallet Soon appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.