Kraken to Launch U.S. Crypto Bank Amid Regulatory Headwinds

Kraken, one of the world’s largest cryptocurrency exchanges, is working on establishing its own bank in the United States. Here are some key points and a step-by-step process:

Key Points

  • Kraken is launching a crypto bank in the U.S.
  • The bank will be based in the state of Wyoming.
  • The bank aims to offer “a more seamless integration between crypto and the traditional financial system.”
  • Kraken clients in the U.S. will be the first to access the bank, with potential international expansion.

Step-by-Step Process

  1. Kraken, one of the world’s largest cryptocurrency exchanges, is launching its own bank in the United States.
  2. The bank will be based in Wyoming, where Kraken was granted the first-ever special purpose depository institution (SPDI) charter.
  3. Kraken Bank aims to offer “a more seamless integration between crypto and the traditional financial system,” according to its website.
  4. Initially, the bank will be available to Kraken clients in the U.S.
  5. There is potential for international expansion in the future.
  6. The launch of Kraken Bank comes amid regulatory headwinds in the crypto industry.

Source: https://forkast.news/headlines/kraken-launch-u-s-crypto-bank-regulatory-headwinds/

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