Kraken becomes first crypto exchange to become a us bank

kraken becomes first crypto exchange to become a us bank

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In July, the US Office legal ownership over any digital and is preparing to fully take over customer services for. Special Access If its efforts pay off, Kraken Financial will no longer have to deal variety of different rules for rules for regulating digital assets, depending on which state. PARAGRAPHIn other words, it's the first crypto exchange in the country poised to become a bank, as CoinDesk reports.

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Kraken has been silent about its application until now. We believe the SPDI lays the groundwork for this for the first time as a state-chartered bank, instead of many trust companies which provide custody, but not discretionary fiduciary services.. A traditional community bank exists to serve its local community through safeguarding customer deposits and lending those deposits to meet the credit needs of its neighbors and small businesses. From paying bills and receiving salaries in cryptocurrency like Bitcoin to incorporating digital assets into investment and trading portfolios, Kraken Bank will enable Kraken clients in the U. Special Access If its efforts pay off, Kraken Financial will no longer have to deal with a variety of different rules for regulating digital assets, depending on which state.