Kraken to launch US crypto bank

Kraken Bank will first open to clients in the US with plans for international expansion thereafter.

US-based cryptocurrency exchange Kraken is soon to launch its own crypto bank.

Based in Wyoming, Kraken Bank will offer a “seamless integration between crypto and the traditional financial system”, the company announced on its website.

“We’re the first (ever) crypto company to be awarded a US state banking charter. It’s known as a Special Purpose Depository Institution or SPD”, it read.

The offering will initially become available to existing Kraken clients in the US with the view of “potential international expansion” in the future.

Recently, the crypto exchange was charged a $30m settlement by the US Securities and Exchange Commission for failing to register the offer and sale of its “crypto asset staking as-a-service program” in the US.

However, despite such regulatory hurdles, Kraken’s chief legal officer Marco Santori announced that Kraken Bank is “very much on track”.

“We're going to have those pens with the little ball chains. We're going to order thousands of them and attach them to the desks of Wall Street banks everywhere. With our logo”, Santori told The Scoop crypto podcast.

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Written by Isabella Aslam


Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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