Kraken Becomes First US Bank Charter To Provide Crypto Services
There’s some really great news regarding the mass adoption of digital assets.
It’s been just revealed that the Wyoming Banking Board has granted crypto exchange Kraken a Special Purpose Depository Institution (SPDI) charter that’s recognized under federal and state law.
Kraken was founded back in 2011 in San Francisco and they applied for the banking license under Wyoming state laws just after the state introduced a comprehensive framework earlier this year in order to make it easier and cheaper for crypto firms to expand their services.
Kraken made public this important step and they are calling the new venture Kraken Financial.
“We’re thrilled to work in a state so aligned with our philosophy and values. Wyoming is a rare and shining example of how thoughtful regulation can drive innovation for FinTech companies.”
It’s been also reported that with the SPDI charter, Kraken can now operate as a fully independent bank for digital assets – this will reduce its reliance on third-party financial institutions.
Kraken Financial plans to offer clients the ability to custody crypto, deposit in USD and transfer assets seamlessly.
Initially, Kraken Financial plans to provide its clients the ability to custody cryptos, deposit in USD, and transfer their assets seamlessly. All these will make it easier for clients to pay bills, receive a salary in crypto, and incorporate cryptos in trading portfolios.
“Later on, it expects to expand its offerings to provide wealth management and treasury services, debit card services, and custodial services for broker dealers,” according to the info from the online publication the Daily Hodl.
It’s been also noted that “under Wyoming state laws, Kraken Financial will be regulated in the same manner as any bank would be.”
We recommend that you check out the complete original article in order to learn all the available details.
Also, make sure to check out Kraken’s blog post.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.