kraken is the first cryptocurrency firm in the us to become a bank. the wyoming banking board voted to approve the san francisco-based crypto exchange’s application for a special purpose depository institution (spdi) charter. kraken is now the first spdi bank in wyoming.

kraken will also be the first newly chartered (de novo) bank in the state since 2006. by becoming of this it can be direct access to federal payments infrastructure and they can integrate banking and funding options for the customers.