Jump to content

Kraken Wins Bank Charter Approval


Recommended Posts

 

 

First time on the forum. Hello all! 

I would like to welcome you with the message from Kraken that I received today.

I think that's a good news. 

"We are thrilled to announce that the State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), and has granted a charter to Wyoming's newest state-chartered bank, tentatively called "Kraken Financial."

Headquartered in Cheyenne, Wyoming, Kraken Financial will enable Kraken clients in the U.S. to bank seamlessly between digital assets and national currencies.

From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets. This new institution will be regulated in largely the same manner as other U.S. banks.

Our offerings will evolve over time, but we plan to provide clients with everything they expect from a seamless banking gateway between digital assets and national currencies.

During its first year of operations, the SPDI plans to give clients the ability to deposit USD and custody digital assets at a regulated state-chartered bank. These banking services will be seamlessly integrated into the existing exchange services, providing clients better funding infrastructure, a better experience and enhanced regulatory clarity.

Additionally, because of our position as a bridge between crypto and traditional finance, we will offer the following crypto-focused services in our first year of operations:

Digital asset custody

Demand/deposit accounts (DDAs)

Wire transfer and funding services.

We anticipate supporting additional services over the next few years, including: 

Enhanced digital asset custody offerings

Digital asset staking

Trust account and administration

Other services for individual accounts:

A complete online and mobile banking suite of products

A debit card that clients can use to spend their crypto funds

Other services for corporate clients:

Account management services 

Bank comfort letters

Deposit verifications

Proof of funds attestations

Finally, we expect to be able to offer additional retail, wealth management and treasury services (and potentially other asset classes such as securities), so stay tuned!

For more information on all the ways our new license will improve the client experience, visit the Kraken blog for a full FAQ. 

Thank you for choosing Kraken, the trusted and secure digital asset exchange.

The Kraken Team"

Link to post
Share on other sites
13 hours ago, Majorek said:

From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets. This new institution will be regulated in largely the same manner as other U.S. banks.

 

Sounds slightly important. 

 

image.png.eed0dd6b1bc838774d2258415dccf6a3.png

 

From the banks in my country and the fintech upgrades they made/are making this new banking license for a 'crypto firm' is a clear signal of interoperability of fintech and banking working two ways to the center and will meet and compete soon.

It doesn't take a lot of effort to foresee the coming of a new world after the 'great' financial reset.  :secret:

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.