Kraken, one of the world’s leading digital asset exchanges, has recently launched its own digital asset bank as an alternative to Silvergate and Silicon Valley Bank. The new bank, Kraken Financial, is based in Wyoming and is the first of its kind in the United States.
Kraken Financial will offer a variety of services to its customers, including digital asset custody, banking services, and access to the US dollar. This will enable Kraken customers to store and transact with digital assets in a secure and compliant manner.
Kraken has partnered with Avanti Bank & Trust to provide the banking services for Kraken Financial. Avanti is a Wyoming-based bank that specializes in digital asset banking. The partnership will allow Kraken customers to access banking services such as deposits, withdrawals, and transfers of digital assets.
Kraken Financial is also working with the Wyoming Division of Banking to ensure that it is compliant with all applicable laws and regulations. The Wyoming Division of Banking has been at the forefront of digital asset regulation in the US, and this partnership will ensure that Kraken Financial is able to provide its customers with a secure and compliant banking experience.
Kraken’s launch of Kraken Financial is a major step forward for the digital asset industry. It provides an alternative to Silvergate and Silicon Valley Bank, two of the largest banks in the US that have been reluctant to provide services to digital asset companies. By providing banking services to its customers, Kraken is helping to further legitimize the industry and make it easier for digital asset companies to access banking services.
Kraken’s launch of Kraken Financial is a major milestone for the digital asset industry and a sign of the growing acceptance of digital assets as a legitimate form of currency. With its secure and compliant banking services, Kraken Financial is paving the way for other digital asset companies to access banking services and further legitimize the industry.
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