The popular Kraken cryptomoney trading platform has announced that the state of Wyoming has approved its application to form the world's first special purpose deposit institution (SPDI), allowing it to form a cryptomoney bank called Kraken Financial.
According to an announcement released by the firm, Kraken Financial is based in Wyoming and is the "first digital asset company in the history of the United States to receive a banking charter recognized by federal and state law. It will be the first regulated bank in the country to provide custodial and fiduciary services for crypto-currency. The announcement details that its clients will be able to pay bills and receive their salaries in crypto-currency and incorporate digital assets into their investment portfolios. Clients will be able to bank directly with Kraken Financial as they would with any other bank.
The new financial institution will be regulated "in much the same way" as other banks in the United States. Kraken says he requested a letter from SPDI to fulfill his vision of becoming the "world's trusted bridge between the cryptoeconomy of the future and today's financial ecosystem. According to Kraken, it will now be able to operate a fully independent bank and reduce its dependence on third-party financial institutions.
The move will also help him launch new products, such as a cryptographic debit card, a performance account, account management services, crypto-cash betting services and more. The announcement details that Kraken will be required to maintain all of its fiat currency reserves.