news

bitcoin

1 X bitcoin bitcoin =

Monday

21 September 2020

Kraken Becomes First Crypto Exchange to Become a US Bank - CoinDesk

Kraken Becomes First Crypto Exchange to Become a US Bank - CoinDesk


smart summary beta

Kraken is the first SPDI bank in Wyoming and according to the Wyoming Division of Banking’s general counsel, Chris Land, Kraken will also be the first newly chartered (de novo) bank in the state since 2006. .

“By becoming a bank we get direct access to federal payments infrastructure, and we can more seamlessly integrate banking and funding options for customers,” said David Kinitsky, a managing director at Kraken and the CEO of the newly formed Kraken Financial.

In October, the division along with Promontory will publish the first manual for banks regarding procedures and policies for handling digital assets, Land said. .

Initially, Kraken Financial will play the same function as third party banking relationships that Kraken has already formed, Kinitsky said.

Having received the charter, Kraken will focus on building out operations and personnel for the bank, aiming to have 10 to 25 department heads to start out, Kinitsky said

Long has her own SPDI bank application underway, called Avanti Financial, which she expects to open in October with new bank-issued digital asset

Goto Full Article

bitcoin bitcoin price

$9106.76

24h

Live Average

bitcoin

News Article Sentiment

positive

Score (0)

Article Metadata

author

site

coindesk.com

categories

Market data feeds provided by cryptocompare.com
bitsmart 2018