Kraken Wins Bank Charter Approval

By Permabull | Permabull | 16 Sep 2020

The State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial.

Headquartered in Cheyenne, Wyoming, Kraken Financial is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.

From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will enable Kraken clients in the U.S. to bank seamlessly between digital assets and national currencies.

David Kinitsky, CEO of Kraken Financial, said:

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.

Follow this post at Kraken to read more: https://blog.kraken.com/post/6241/kraken-wyoming-first-digital-asset-bank/

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Permabull

Saw crypto as a way to make some cash, a get rich quick scheme. Learned about the tech and will stay in forever. Watching the GOV spending in 2020 made me realise how fiat is controlled way too much and becoming worthless be a minute. Bitcoin for the WIN!