The Kraken Bitcoin exchange was the first in the United States to receive the status of a special purpose depository institution (SPDI), giving it the functions of a traditional financial institution. The corresponding application of the Californian company was approved by the Wyoming Banking Council.
This structure was specially designed for cryptocurrency companies and will allow Kraken to abandon third-party providers, independently performing certain banking functions. These include accepting deposits, custody services and digital asset trust management.
With greater regulatory certainty, Kraken gains direct access to the federal payment infrastructure and expects to create a full-fledged bridge between the traditional financial system and cryptocurrencies. It will include its own debit cards supporting digital assets, as well as interest and retirement accounts.
To take advantage of the new opportunities, Kraken opens a new division headquartered in Cheyenne, Wyoming, tentatively named Kraken Financial. Further plans are for Kraken Financial to enter the global market.