Major crypto exchange, Kraken, has received approval to set up an outfit that will ease banking services for persons who need fiat and crypto services. Dubbed Kraken Financial, the new company is based in Cheyenne, Wyoming.
According to an official announcement from the San Francisco-based exchange, it received the bank charter approval from the State of Wyoming for what it called the world’s first Special Purpose Depository Institution (SPDI).
Speaking on receiving the approval, Kraken Financial CEO David Kinitsky said Wyoming’s clime helps improve the fintech sector:
“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.”
Kraken Financial will be regulated in the same way as other banks in the US. The SPDI will allow Kraken to run a fully independent bank, which will cut down on the need to party with other financial institutions for banking services that may be needed.
The announcement also says Kraken hopes to become the ‘world’s trusted bridge between the crypto economy of the future and today’s existing financial ecosystem.’ The company hopes to start Kraken Financial locally, but intends to expand globally as soon as it can.
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