Kraken Wins First Ever U.S. Bank Charter Approval For A Cryptocurrency Exchange

Kraken Wins First Ever U.S. Bank Charter Approval For A Cryptocurrency Exchange

Kraken, the online cryptocurrency exchange, has been granted regulatory approval to be the first cryptocurrency firm with a Special Purpose Depository Institution (SPDI).

Kraken, the large cryptocurrency exchange, has recently been granted approval to operate as the world’s first Special Purpose Depository Institution (SPDI), which for now is being called Kraken Financial. The license was granted by the state of Wyoming, known as one of the most cryptocurrency friendly states in the United States.

Kraken Financial will be headquartered out of Cheyenne, Wyoming, and is the first digital asset or cryptocurrency based company in the USA to receive a bank charter that is recognized both under state and federal law. As the first regulated digital asset bank, Kraken Financial will be able to provide deposit taking, asset custody, and other fiduciary services for digital assets. David Kinitsky, the CEO of Kraken Financial, was quoted as saying, ““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.”

In this first iteration of Kraken Financial services, the services will only be available to USA based customers, but there are plans to expand their services globally.

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