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