Kraken Wins Bank Charter Approval

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/

 

Incredibly bullish news as well as yesterday's MicroStrategy (NASDAQ:MSTR) Just bought additional 16,796 Bitcoins

 

Thank you guys for reading, liking, following, and tipping. Extremely appreciated! 👍


Permabull
Permabull

Saw crypto as a way to make some cash. Learned about the tech and will stay in forever.


Permabull
Permabull

Born to be bull.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.