In A First, Cryptocurrency Exchange Gets US Banking Charter
San Francisco-based cryptocurrency exchange Kraken has been granted a Special Purpose Depository Institution (SPDI) charter by the state of Wyoming.
What Happened: It is the first time that a U.S-based digital asset company has received a state- and federal law-recognized banking charter that offers custody services for digital assets, the company claimed in a statement.
“Kraken Financial,” as th company’s banking unit is dubbed, would act as a bridge between digital assets and national currencies and will be subjected to the U.S. banking regulations, it said. Initially, only U.S. residents will be permitted to open accounts. Over time, the …