Kraken Gets License To Create First US Digital Assets Bank

Vandana  |  Sep 17, 2020

Kraken, one of the top crypto exchanges based in the U.S., has received a license from the state of Wyoming. With this license, the exchange is allowed to establish a digital asset bank in the U.S., known as Kraken Financial, which will be a first in the US's history. The bank will be providing fiduciary, deposit-taking and custody services for the digital assets. 

Kraken Financial Will Provide Salaries to Customers in Bitcoin

In the announcement, it is mentioned that the customers of Kraken Financial can opt for receiving their salaries in Bitcoin. Along with this, they will also be able to pay different bills using crypto. With this, it is believed that there will be a really smooth integration of digital assets in the banking and trading sector. 

Kraken simply aims to bridge the gap between trading banking and digital banking as cryptocurrency is the major focus of the exchange. Now with the launch of this digital asset bank, it is believed that the exchange might be aiming to make digital assets accessible for everyday use. 

Wyoming Has An Ideal Environment 

As far as Wyoming is concerned, it provides a completely ideal environment for Kraken to make all the developments. The reason behind this type of environment is the nature of financial laws of this state. Currently the exchange will be offering the digital asset banking system to its users in the U.S.

However, it aims to further expand its area of services across the world. At present moment, the bank will offer Digital asset custody, demand deposit accounts, funding services and wire transfer. It has also mentioned that soon it will also include more services that the bank will offer its customers. The exchange has been making several developments for the past some time now. Recently, it has also added four new Defi tokens to its platform so that the users will have access to the Defi industry as well.

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