When one of the Biggest Exchanges becomes an American Bank – Cryptocurrencies

Kraken Financial: the American bank

Kraken, one of the world’s most widely used cryptocurrency exchanges, announced the news yesterday. Soon they will be providing the same services as a bank, for US residents first, and everyone else in the second. The goal is to achieve the best of both worlds by offering fiduciary and digital currency services within a single institute. The news caused a stir and Kraken can boast of being the first to have made such a successful entry into the banking world. Let’s find out together a little more about what this involves.

Obtaining an SPDI banking license

The first step for this success was to apply for a SPDI banking license. Concretely, an SPDI license (Special Purpose Depository or Special purpose deposit institutions) allows a organization to manage and manipulate assets of all kinds.

This therefore includes fiat currencies. By this you mean euros, dollars, or any other necessary “FIAT” currency. Kraken therefore filed an application with the state of Wyoming to become eligible and create a dedicated entity: Kraken Financial.

Obtaining this license was not without difficulty, or without a battle, as the following tweet shows.

The Wyoming at approved Kraken’s request, thus allowing it to become a full-fledged banking player.

However, the SPDI license does not allow you to do everything. Thus, Kraken Financial will not have not allowed to take out loans for its clients.

The services offered by Kraken Financial

At the moment, we do not yet have a lot of information on the possibilities that will be offered by this bank. Nevertheless, according to the official Kraken blog post, we can deduce the following elements :


Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Moreover, Kraken announced that these accounts would allow facilitated conversions between fiat currencies and cryptocurrencies. In addition, you can receive your salaries directly in cryptocurrency, or pay your bills from this account.

This is the first time that a player in the cryptocurrency ecosystem has opened such a service. Indeed, some Internet users have been able to compare this to services like those provided by, but the difference is very real.

For example, your account does not allow you to pay your invoices, to publish an RIB, or proof to the administrative authorities.

This is therefore a real first in our ecosystem, and without a doubt, Kraken leads the way here for others.

The real winners in history are probably the users themselves, which will be able, very easily, to link fiduciary services and cryptocurrencies, without asking any questions.


Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

It will be interesting to follow the launch of Kraken Financial in the coming months. What is the impact of such news? Will the platform succeed in convincing and finding customers? How far will the integration of cryptocurrencies into a banking service go? In any case, we are currently witnessing an important momentum for the various centralized trading platforms. The latter understood that they would no longer stand out on their primary functions, but on the services provided alongside them. This is particularly evident with the current race between Binance and


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