The State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial.
As the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, Kraken Financial will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody, and fiduciary services for digital assets.
Kraken Financial will enable Kraken clients in the U.S. to bank seamlessly between digital assets and national currencies, from paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios.
“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.” said David Kinitsky, CEO of Kraken Financial.