Kraken Receives Regulatory Approval For The First Cryptobank

Crypto exchange Kraken has received regulatory approval to create the world's first regulated cryptobank in the US state of Wyoming. The new institution is called Kraken Financial.

Like a traditional bank, Kraken Financial will offer depository, custodial and fiduciary services. According to Kraken, customers of the new bank will be able to pay bills and receive salaries in cryptocurrency. The bank will also provide US Kraken Exchange users with access to cryptocurrency investment services and tools and a bridging between fiat and digital currency.

Over the next few years, Kraken plans to provide advanced digital asset custody and digital assets staking, as well as trust accounts, administration, a full range of online and mobile banking services, crypto debit card issuance, corporate account management services, wealth management and treasury services.

Image courtesy of Kraken Blog