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    Home » Crypto News » The First Crypto US Bank: Kraken Received Licensing From The Wyoming Banking Board

    The First Crypto US Bank: Kraken Received Licensing From The Wyoming Banking Board

    Author: George Georgiev

    Last Updated Sep 16, 2020 @ 17:02

    Kraken has become the first cryptocurrency exchange to receive a US banking charter issued by the Wyoming Banking Board.

    • The Wyoming Banking Board has voted to approve an application for a special purpose depository institution (SPDI) charter of Kraken.

     

    • In essence, Kraken has officially become the very first cryptocurrency exchange to become a newly chartered bank in the US since 2006, according to a NASDAQ report.

     

    • This means that the exchange will get access to the existing federal payments infrastructure.

     

    • It will also allow Kraken to further integrate funding and banking options to its clients, said the managing director of the exchange and the CEO of Kraken Financial.

    By becoming a bank we get direct access to federal payments infrastructure, and we can more seamlessly integrate banking and funding options for customers. – David Kinitsky said.

    • Additionally, the license will allow Kraken to provide its services to clients in more jurisdictions and won’t have to deal with the state-by-state compliance part.

     

    • The news comes less than two months after the Office of the Comptroller of the Currency (OCC) in the US issued a letter allowing U.S. Federal banks to offer crypto custody services.

     

    ADVERTISEMENT
    • The OCC had also revealed that its approval limits banks to a specific type of cryptocurrency custody. Hence, financial institutions can store copies of the private keys of their customers or hold the assets themselves in well-secured cold storage facilities.

     

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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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