The cryptocurrency exchange platform Kraken has just announced that the state of Wyoming has approved its request to create a Special Purpose Depository called Kraken Financial .
Created in 2019, the SPDI (Special Purpose Depository Institutions) status allows an organization to keep and manage any type of asset. Unlike other banks, however, SPDIs cannot make loans with customer deposits in fiat currency.
Paying bills, receiving cryptocurrency salaries, integrating digital assets into investment and trading portfolios, Kraken Financial will enable Kraken clients in the United States to transact seamlessly between digital assets and national currencies. The SPDI banking license will allow Kraken to reduce our dependence on third-party financial institutions and help them launch a new wave of innovative products for their users. A bank entirely dedicated to the interests of their users is, without a doubt, the best way to realize this vision.
In its first phase of operation, Kraken Financial will only offer accounts to US residents.