Kraken Becomes First Crypto Exchange to Become a US Bank
The state of Wyoming awarded crypto exchange Kraken a license to create a crypto bank in the state, which it is tentatively calling Kraken Financial. The bank should launch sometime by the first quarter of 2021.
This makes Kraken the first US crypto exchange to create a bank. Specifically a “Special Purpose Depository Institution,” which means that Kraken can hold custody over digital assets, operate payment systems, and allow customers to easily switch between fiat and crypto.