Crypto exchange Kraken announced that it has received a banking license from the US state of Wyoming.Accordingly, Kraken became the first company inA U.S. digital asset holding a bank charter recognized under state and U.S. federal law.
A banking license will allow Kraken to createthe world's first dedicated depository institution, Kraken Financial, to be regulated like any other bank in the United States.
Kraken Financial will allow its US clients to seamlessly switch between digital assets and local currencies, including the following transactions:
- Payment of bills in cryptocurrency;
- Receiving a salary in cryptocurrency;
- Adding digital assets to investment and trading portfolios.
The decision to apply for a banking license in Wyoming was made because of the state's commitment to various innovations, according to Kraken Financial CEO David Kinitzky.
«We are very pleased to work in the state,which is consistent with our philosophy and values. Wyoming is a rare and powerful example of how thoughtful regulation can spur innovation for FinTech companies.
His statements echo the words of the founderand Avanti Bank and Trust CEO Caitlin Long, who also highlighted the ease of doing digital asset business in Wyoming. She added that Avanti Bank and Trust will be the next to apply for a license.