It appears that there will be one more crypto bank in the world soon. Kraken will be the first crypto bank in the US and the third in the world. Currently, the services of a specialized depository institution will be available only to citizens of the United States but the bank plans to cover other countries as well.
The first American crypto bank has been established by the creators of the Kraken cryptocurrency exchange. The Wyoming Banking Board approved the crypto exchange’s application for a special purpose depository institution (SPDI) charter. In other words, Kraken became a real bank. "By becoming a bank we get direct access to federal payments infrastructure, and we can more seamlessly integrate banking and funding options for customers," David Kinitsky, a managing director at Kraken and the CEO of Kraken Financial, said. What is more, Wyoming is one of the few states where the regulation of the crypto market is well structured, which significantly speeds up the implementation of projects somehow connected with the crypto market. At the first, Kraken Financial clients will be able to use digital assets to pay bills, receive salaries, and create investment portfolios. In the future, the bank's services will be expanded. According to the creators of the crypto bank, the main goal of the project is to build a bridge between the traditional economic sector and the crypto market.
Notably, Kraken Financial is not the first crypto bank in the world. Last year, the Swiss Financial Market Supervisory Authority issued a banking license to SEBA crypto bank. In 2018, it also granted permission for Sygnum to launch a crypto bank.
