Kraken sponsors Trump accounts in Wyoming, citing crypto alignment

Crypto exchange Kraken has become the latest company to heed calls from US President Donald Trump to support his “Trump Accounts,” a savings plan for American children under 18. 

The move was first announced by Wyoming Senator Cynthia Lummis on Monday, with the Republican official stating that Kraken would provide funding to all Trump Accounts created for newborns in Wyoming. 

“Grateful to Kraken for their commitment to Wyoming’s next generation and to the Cowboy State’s economic future,” she said. 

Kraken’s co-CEO Dave Ripley said the firm chose to support Trump Accounts in Wyoming because of the favorable regulatory climate in the state, which is home to the firm’s headquarters. 

“We picked Wyoming as our global HQ because it leads with thoughtful, responsible crypto policy. We want to keep investing back in the community we call home. Starting early matters, and innovation should make long-term financial opportunity more accessible and affordable,” he said. 

Source: Dave Ripley

In a blog post, Kraken said that the Wyoming government enabled the firm to become the US’s first Special Purpose Depository Institution and praised the state for its work in helping launch the Frontier Stable Token.   

Trump Accounts are a new type of retirement account in the US that parents or legal guardians can establish for children under 18. Under a pilot program, the federal government will seed Trump Accounts with $1,000 for any child born between Jan. 1, 2025, and Dec. 31, 2028.

So far, traditional finance heavyweights such as JPMorgan, Bank of America, and Wells Fargo have provided varying degrees of support to Trump Accounts, alongside several other well-known names.

Kraken did not share how much funding it would contribute to each eligible newborn. Cointelegraph has reached out to Kraken for comment.

Crypto firms give back amid state support 

This isn’t the only crypto-related firm to give back to its home state this month. 

Last week, blockchain-based prediction market platform Polymarket opened a free grocery store in New York City and said it would donate 3 million meals across the five boroughs. 

The store was open from Thursday to Sunday last week, followed by a food donation day on Monday, when people could donate food for redistribution across the city. 

Source: Polymarket 

The move from Polymarket followed a similar move by prediction-market competitor Kalshi, which offered a $50 grocery giveaway to over 1,000 Manhattan residents on Feb. 3.