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Shares of PayPal and Block fell on Thursday after cryptocurrency exchange Kraken launched a peer-to-peer payments app, Krak, to rival their products Venmo and Cash app.
PayPal was down 0.66% to $72.59 while Block dipped 0.34% to $64.59 during afternoon trading.
Krak will allow users to effortlessly send and receive money in both crypto and fiat currencies across more than 100 countries, the company said in a press release.
“Using Kraktags, a personalized payment ID, app users can seamlessly send and request payments across 300+ assets spanning crypto, stablecoins, and fiat currencies (where available) without inserting bank details or crypto wallet addresses,” it added.
Going forward, the company also expects to launch physical and virtual Krak cards that will allow users to make transactions for both online and in-store purchases, using fiat currencies and cryptoassets in the Krak app.
It also seeks to roll out a variety of prepaid services, including lending, loans, and credit card programs.
Kraken’s new app comes amid the company’s efforts to diversify its offering beyond its core cryptocurrency trading business. Last month, Kraken said that it was introducing tokenized versions of U.S. equities, known as xStocks, in select markets outside the United States.