Kraken Becomes a State Chartered Bank

kraken bitcoin trading sep 2020

One of the biggest and oldest crypto exchange has become a bank like JP Morgan or Goldman Sachs after Kraken Financial became a Special Purpose Depository Institution (SPDI) and was awarded the charter of a full on bank. “From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets. This new institution will be regulated in largely the same manner as other U.S. banks,” they say. That makes this the only crypto exchange to also be a bank with Kraken handling some $220 million in trading volumes during the past 24 hours. Initially focused on just bitcoin trading, they’ve now expanded to many other cryptocurrencies and tokens in addition to offering futures. They’re based in San Francisco but were focused on serving the European…

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