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Kraken Becomes The First Regulated, U.S. Bank In Crypto Industry

Mary Liu

Summary: Kraken, a San Francisco-based crypto exchange, today announced that the State of Wyoming has approved its application to form the world’s first Special Purpose Depository Institution (SPDI). The newly formed institution Kraken Financial, becomes the first regulated, U.S. bank in the cryptocurrency field to provide deposit-taking, custody, and fiduciary services for digital assets, it is the first digital ...

Kraken, a San Francisco-based crypto exchange, today announced that the State of Wyoming has approved its application to form the world’s first Special Purpose Depository Institution (SPDI).

The newly formed institution Kraken Financial, becomes the first regulated, U.S. bank in the cryptocurrency field to provide deposit-taking, custody, and fiduciary services for digital assets, it is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law.

By Mary Liu

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