The first crypto exchange to launch its own bank will be Kraken.
After settling with the SEC to shut down retail staking services to U.S. customers on their exchange, Kraken is going ahead with its banking venture.
Kraken Bank will launch first in the U.S. before branching out to international regions.
Kraken Bank launch is still on the horizon
The bank will work seamlessly with digital assets and the traditional world of banking that we all know. According to Kraken’s website, the bank will be “designed for crypto” with a prioritization on asset custody, data protection, high-security standards and strong regulatory oversight.
Kraken’s mission is to promote the adoption of digital assets for financial freedom. Kraken Bank will further that mission by providing a more seamless integration between crypto and the traditional financial system. This means a better client experience.
Security will be prioritised at Kraken Bank. To keep users' assets safe and secure, the organisation will employ the best digital security practises in the world.
The bank will be based in Wyoming and follow the Wyoming Division of Banking. Also known as Kraken Financial, Kraken Bank will be the first crypto company to open its own bank and be granted a U.S. banking charter.
Kraken Bank was due to launch in 2022 but has since suffered some delays. On The Scoop podcast, Kraken’s chief legal officer told Frank Chaparro at The Block that “Kraken Bank is very much on track to launch very soon.”
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