Kraken, one of the most established crypto money exchanges in the USA, officially made history as the first cryptocurrency platform to receive bank approval. The decision taken by the Wyoming Banking Board on Wednesday officially turned Kraken into a special purpose depository institution (SPDI).
So what exactly does this mean? With this decision, Kraken will continue to serve as an SPDI bank in the state of Wyoming. In a statement on the subject, Chris Land, head of Wyoming Banking Department, stated that Kraken was the first bank established in the state since 2006.
Kraken blazes a trail
David Kinitsky, managing director of the newly established bank named Kraken Financial, said in a statement on the subject:
“By becoming a bank, we gain direct access to the federal payment infrastructure and will be able to integrate banking and funding options more seamlessly for customers.”
In addition to providing direct access to the federal payment system, Kraken Financial will enable the cryptocurrency exchange to serve much more conveniently in other states. The famous cryptocurrency exchange no longer has to go to other states by making a deal one by one and has a clear approval from the regulators.
This could actually create a similar targeted incentive effect for other cryptocurrency exchanges. Binance U.S. In a recently published statement, he stated that he decided to open up to all states in the USA. Perhaps underlying this plan may be obtaining approval from banking institutions.