Kraken became the first US crypto exchange to open its own …

Kraken became the first US crypto exchange to open its own bank

Kraken cryptocurrency exchange opens own bank in accordance with the new regulatory regime in Wymoing, writes The Block. This step will allow her to expand her grocery ruler.

Kraken became the first US crypto exchange to open its own ...

Kraken Financial will be regulated by the Wyoming Banking Authority as a special purpose depository institution. This structure was specially designed for cryptocurrency companies and will allow Kraken to perform certain banking functions in the interests of their clients. Before of this time Kraken relied to third-party service providers when making money transfers and other services, which allow her to interact with more wide financial system.

“For Kraken, this means improved banking infrastructure, – stated CEO Kraken Financial Dave Kinicki. “We’ll have to rely less on third-party suppliers. We have will be more certainty with the regulatory points vision. We can also run new products for new consumer segments “.

It is expected that thanks to this shrink cash movement time funds between Kraken and external accounts clients. Besides Togo, they are will be able to make deposits in dollars and digital assets in the same way to that, as at work with other banks. In the future, the company can launch your own crypto debit cards, interest and retirement accounts.

Kraken became the first US crypto exchange to open its own ...

“Finally, we can provide additional retail services, capital management and storage services, potentially in other classes assets, for example securities “, – writes company.

IN present time unit is located on preparation stage. He still needs to establish contacts with correspondent banks and open an account with the Fed.