Breaking: Kraken just won approval to create America's first crypto bank


According to an official announcement, Kraken, the US-based cryptocurrency exchange has just obtained approval to create America's first crypto bank. 

The tweet was re-tweeted by Kraken's official account and states that Wyoming's Banking Board concluded its vote and it was unanimous in favor of Kraken. While Kraken is the first exchange to be granted the approval, others are already waiting in line. The next applicant for Wyoming SPDI is AvantiBT. 

 

Kraken already posted an official blog post verifying the information. 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.

Kraken applied to become an SPDI charter years ago and will start to operate locally but eventually globally. The SPDI bank is still a custody bank but for digital assets like cryptocurrencies. 

New and existing clients will have the opportunity to apply for our traditional financial accounts. Upon completing the onboarding procedures, they will be able to quickly and seamlessly fund their accounts on the exchange.

Moreso, for the first time, they will be able to take advantage of the seamlessness and ease of use that comes from the first all-in-one service provider that can offer and expertly manage sophisticated crypto-products.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin adoption takes off as institutions continue to jump on the digital currency bandwagon. PayPal co-founder Peter Thiel labels BTC as China’s “Financial Weapon” against the U.S. dollar. Bitcoin price could be due for a massive move as key on-chain metrics reset and others turn bullish.

More Bitcoin News

XRP price shows that business is good for Ripple despite US legal uncertainty

Ripple partner Novatti went live earlier today, generating cross-border transactions to the Philippines. The initial focus of this partnership is to target remittances between Australia and the Southeast Asian region.

More Ripple News

Zilliqa aims for $0.26 as the odds flip in favor of the bulls

Zilliqa price is contained inside an ascending broadening wedge pattern on the 4-hour chart. It intends to establish a higher low and confirm an uptrend. ZIL must stay above a crucial support level to see a potential 27% upswing.

More Zilliqa News

Elrond introduces ORAO Network to ecosystem

Elrond price is contained inside an ascending wedge pattern on the 4-hour chart. The digital asset defended a crucial support trend line and aims for a significant rebound. Elrond will use the ORAO Network to feed smart contracts onto its platform.

More Elrond News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP