Cryptocurrency exchange Kraken has announced it received an approval from the State of Wyoming to form the world’s first Special Purpose Depository Institution (SPDI) called Kraken Financial.
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Based in Cheyenne, Wyoming, Kraken Financial will become the very first digital asset company in US history "to receive a bank charter recognized under federal and state law."
According to an official announcement, Kraken Financial will be the first regulated crypto bank based in the US.
"From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will enable Kraken clients in the US to bank seamlessly between digital assets and national currencies," the announcement states.
Kraken Financial CEO, David Kinitsky, says Wyoming is "a rare and shining example of how thoughtful regulation can drive innovation for FinTech companies."
iHodl earlier reported that a subsidiary of Kraken, Crypto Facilities, became the very first crypto trading platform to get a Multilateral Trading Facility (MTF) license from the UK’s Financial Conduct Authority (FCA).
With the license, focused on crypto derivatives platform can now expand its product range and serve institutional clients.
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