Kraken, the popular crypto exchange, today announced that the State of Wyoming has approved its application to form the world’s first Special Purpose Depository Institution (SPDI).
Tentatively called Kraken Financial, the institution will enable clients in the U.S. to bank seamlessly between digital assets and national currencies.
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 portfolios, Kraken’s new institution will be regulated in largely the same manner as other U.S. banks.
“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.”
– David Kinitsky, CEO of Kraken Financial
For more information on the initiative, Kraken assembled a full FAQ to share its goals for the future of Kraken Financial.