We are thrilled to announce that the State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial.
Headquartered in Cheyenne, Wyoming, Kraken Financial is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.
From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will enable Kraken clients in the U.S. to bank seamlessly between digital assets and national currencies.
David Kinitsky, CEO of Kraken Financial, said:“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.”
This new institution will be regulated in largely the same manner as other U.S. banks.
For more information on our initiative, we’ve assembled a full FAQ to share our goals for the future of Kraken Financial below:
1. Why did Kraken decide to apply for an SPDI charter?
Kraken’s vision is to become the world’s trusted bridge between the crypto economy of the future and today’s existing financial ecosystem.
An SPDI bank charter permits Kraken to build this bridge in-house. With the charter in place, we can operate a fully independent bank that will reduce our reliance on third-party financial institutions and even help launch a new wave of innovative products for our users. A bank fully dedicated to the interests of our users is, without a doubt, the best way to deliver on this vision.
Wyoming’s approach to regulation is unique among programs anywhere in the world, its careful tailoring balancing the interests of digital a...