Kraken to Create America’s 1st Cryptocurrency Bank

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Kraken Cryptocurrency Exchange

Kraken Cryptocurrency Exchange has been approved to create America’s first crypto bank. Kraken applied under Wyoming’s special-purpose depository institution law HB 74, which authorized the chartering of special purpose depository institutions (SPDIs).

“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.”
David Kinitsky, CEO of Kraken Financial

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Years in the Making

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

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This  bank charter permits Kraken to operate an independent bank which will reduce Kraken’s reliance on third-party financial institutions and allows the exchange to provide deposit-taking, custody and fiduciary services for digital assets.

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