US-based crypto exchange Kraken is still launching a new Wyoming-based crypto bank despite the recent US Securities and Exchange Commission (SEC) ban on the exchange’s staking service.
Kraken Support directly told one Twitter user said Kraken Bank is still on its way, with an initial offering to customers in the US.
“Kraken Bank is not open yet but is coming. The offering will initially be available to existing Kraken customers in the US with potential international expansion in the future.”
Kraken announced in 2020 that it is officially opening a crypto bank, designated as a special purpose depository institution (SPDI).
“Kraken has always been on the financial frontier. Now we are breaking new ground by opening a Wyoming-based crypto bank.
We called it Kraken Financial, but due to overwhelming demand, it will be known as Kraken Bank. We are the first (ever) crypto company to receive a state banking charter from the US. It is known as a Special Purpose Depository Institution or SPDI.”
According to Kraken, SPDIs are banks with “forward-looking regulatory frameworks.”
Says David Kinitsky, CEO of Kraken Bank,
“We are delighted to be working in a state that is so in line with our philosophy and values. Wyoming is a rare and shining example of how thoughtful regulation can drive innovation for FinTech companies.”
The bank plans to offer digital asset custody, staking services, financing services, wire transfers, debit cards, “enhanced” crypto custody offerings, and a mobile banking app.
Last month, the SEC forced Kraken to shut down its staking services, alleging the program was a violation of securities laws.
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Yueh Chiang