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

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.


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.

Will you be opening up an account? Let us know what you think in the coments.