Kraken Accepted As America’s First Crypto Bank
In a second victory for its adoption in the state, Wyoming has just approved Kraken’s request to convert into a cryptocurrency bank.
Specifically, the former Bitcoin Era exchange obtained the status of Special Purpose Depository Institution (SPDI) with the provisional name “Kraken Financial”.
Marco Santori, Kraken General Counsel, broke the news on Twitter:
has just obtained authorization to create the first American crypto-bank.
To the whole world, here is Kraken Financial. Kraken Financial, here is the whole world.
Wait, what? Kraken is a BANK ?! How it is possible ?!
Allow me to explain
The move follows Caitlin Long’s Bank Avanti charter approval in July, also in the state of Wyoming. Mr. Santori described some of the hurdles Kraken had to overcome and included a list of what Kraken Financial can do with the license:
One of the initiatives was the creation of a new type of banking charter!
What can the bank do? It can accept deposits, manage payment systems and, of course, guard cryptocurrency for individuals and businesses, and even for certain regulated entities.