The prominent crypto exchange Kraken reported that it has received a banking license from the American state of Wyoming. Respectively, Kraken became the first company in the United States to work with digital assets, which received a bank license, acknowledged by both the state and the federal government.
The banking license will allow Kraken to establish the world’s first specialized crypto institution Kraken Financial, which will be regulated by the same rules, like any other American bank.
Kraken Financial will allow its US clients to freely switch between digital assets and national currencies, including conducting the following operations:
- Payment of accounts in cryptocurrency;
- Receipt of salary in a cryptocurrency;
- Transferring digital assets to investment and trading platforms.
According to the general director of Kraken Financial, David Kinitsky, the notion to apply for a bank license in Wyoming was adopted due to the state’s commitment to various innovations.
“We are very glad to work in the state, which corresponds to our philosophy and values. The state of Wyoming is a rare and bright example of how thoughtful regulation can stimulate innovation for FinTech companies.”
His remarks were echoed with the words of the founder and general director of Avanti Bank and Trust Kaitlyn Lung, which also referred to the ease of doing crypto business in the state. She added that Avanti Bank and Trust would be the ones applying for a license next.
