Kraken Gets Krackalacking On BANKING
Kraken Card (Not real)

Kraken Gets Krackalacking On BANKING

By Tank | The Future Is Digital | 16 Sep 2020


"Kraken Financial will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets."

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As a Montana resident, I'm vicariously proud of our "little brother" southern neighbor, while also being terrifyingly jealous.  Wyoming has approved Kraken's application to form a Special Purpose Depository Institution, creating "Kraken Financial".

An SDPI is similar to a regular bank in that it allows storing, moving, and managing money for businesses and individuals.  Where it differs is the rules regarding making loans with the funds customers deposit: regular banks can do that, SDPI's cannot.


This could become the best way to turn your Crypto hodlings into everyday-use fiat.  This is a HUGE step forward in the regulation of Crypto use in the USA.


Tank
Tank

Nerd, dreamer, learner, musician, traveler, designer, audio engineer, creator, writer, and privacy advocate. Keyboard viking. Drinker of coffee.


The Future Is Digital
The Future Is Digital

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