Kraken Will Be First US Crypto Bank. Here’s Why It Matters

[MRM]

Kraken Financial will be able to provide clients from 49 states with digital asset custody services and help them make payments. The line between crypto exchange and bank just got even blurrier. Today, the state of Wyoming awarded crypto exchange Kraken a license to create a crypto bank in the state, which it is tentatively calling Kraken Financial.

This makes Kraken the first US crypto exchange to create a bank. Specifically a “Special Purpose Depository Institution,” which means that Kraken can hold custody over digital assets, operate payment systems, and allow customers to easily switch between fiat and crypto.
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Source: https://decrypt.co/42077/kraken-first-us-crypto-bank-heres-why-matters