The American exchange is even preparing to launch its own crypto-bank. Named “Kraken Bank”, this subsidiary will provide a multitude of financial services for individuals but also for professionals and businesses.
On Monday, Marco Santori, Kraken’s general counsel, said the company is preparing to open its own bank in the United States “very soon.”
Kraken Bank first in the U.S.!
Kraken Bank is on track to launch, very soon […] We’re going to have these pens with the little ball chains. We’re going to order thousands of them and attach them all over the offices of Wall Street banks. With our logo,” he said in an interview with TheBlock.
As a reminder, Kraken banque had already received a “Special Purpose Depository Institutions (SDPI)” license in 2020 to begin operations, but its launch has remained on hold without the company communicating further about it.
SPDI status is issued by the state of Wyoming and is for banking institutions “that receive deposits and engage in other activities related to the business of banking, including custody, asset management, fiduciary asset management and related activities,” the dedicated site states. In other words, institutions receiving SPDI approval are able to offer traditional banking services alongside crypto services.
The statement from Kraken’s general counsel comes as one of the largest U.S. crypto-friendly financial institutions is currently struggling. A former FTX bank, Silvergate saw its customer base, including Kraken and Coinbase, drift away last week. At the same time, it announced it was cutting its SEN payment network.
We’re going back to a time when banks are going to be very careful about the accounts they open. Wall Street will be fine. Kraken and Coinbase will be fine. But the guy or gal who has a new idea on how to provide infrastructure for the crypto economy, it’s going to be a really tough road for them over the next few years. Without a doubt,” Marco Santori added, sounding quite confident despite recent events.
In December, Kraken, parted ways with 30% of its staff, or about 1,100 people, in order to cope with market conditions.