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US’ First Crypto Bank Reveals Date of Commencement

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US’ First Crypto Bank Reveals Date of Commencement

In September 2020, Kraken became the first digital asset firm in the US to receive a bank charter — authorizing the company to operate as a bank. This makes Kraken Bank the first crypto bank in US history.

David Kinitsky, the CEO of Kraken Bank, said on a Cheddar News interview that they applied for a bank charter in order to access traditional banking systems for their clients. This allows their US clients to bank seamlessly between digital assets and national currencies. It also offers digital asset custody, demand/deposit accounts, and wire transfer and funding services.

Kinitsky remarked that Kraken Bank is created as part of the company’s vision to actively promote the adoption of cryptocurrencies, as well as financial and economic freedom.

Kraken Bank is expected to be rolled out to Kraken customers and commence operation during Q3 of 2021.

Users of Kraken Bank will have access to services similar to traditional banking, except that it involves mostly cryptocurrencies. This includes statement checking, payroll processing, cash-to-crypto conversion, trading in crypto and more.

Founded in 2011, Kraken is one of the oldest crypto exchange in the US. Kraken is available in 176 countries and has around 40 cryptocurrencies listed. The company helped the investors recover their missing Bitcoins during the Mt. Gox bankruptcy back in 2014-15.

The post US’ First Crypto Bank Reveals Date of Commencement appeared first on SuperCryptoNews.


All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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