The American crypto exchange, Kraken, has received permission to create America's first crypto bank (Special Purpose Depository Institution (SPDI)) which will named Kraken Finance. The new concept is fully tailored to cryptocurrency companies and will empower Kraken to provide new services as well as reduce the amount of used third-party services to process financial trsansactions (e.x. wire transfers).

Kraken Finance is headquartered in Wyoming and is running under the federal and state law and regulated by the Wyoming Division of Banking. Kraken Finance wants to act as a bridge between traditional finance and crypto. If you are interested in more details as well as a exact explanation about the Special Purpose Depository Institution a look into the blog post is worth your while.