Kraken becomes the first Crypto US bank. It will be able to support clients from 49 states with digital asset custody services and help them make payments.
Founded in 2011, Kraken is now one of the leading cryptocurrency exchanges in US. It has been approved as the first special-purpose depository institution (SPDI) charter in Wyoming. The bank will probably launch at the beginning of 2021. Kraken Financial will be able to manage a lot of financial activities including crypto debit cards. However, it can not use customer deposits to supply loans.
The new status also means that Kraken gets entry to federal payments base. It makes it easier to deliver banking and budgeting possibilities for users.
It's worth to mention that the license came with several limitations. Kraken Financial’s customers, currently are limited to US residents—and no New Yorkers. Wyoming law requires Kraken to manage all of its customers’ savings anytime. Besides, Kraken will not be authorised to issue loans using customer deposits