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Kraken Becomes the First Crypto Exchange to Launch a Bank

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On Wednesday, history was made as Kraken was approved by the Wyoming Banking Board for a SPDI charter or a special purpose depository institution charter.

Kraken claims that this is a majorly positive move for the firm as they'll be able to develop more sophisticated infrastructures:

“By becoming a bank we get direct access to federal payments infrastructure, and we can more seamlessly integrate banking and funding options for customers,” said David Kinitsky Coindesk

"We would expect to offer a host of new products as we get established,” Kinitsky said. “Those will range from things like qualified custody for institutions, digital-asset debit cards and savings accounts all the way to new types of asset classes. We can engage with securities and commodities and things like that as a bank. So a lot more TBD there.” Coindesk

This all sounds great for Kraken. More services, better infrastructure. Becoming a more "legitimized" business in the eyes of institutions. It sounds like they are inching a bit more toward Coinbase level in terms of social status in the banking world.

They major benefit for crypto is that it is seeping into the banking industry.

One way or another cryptocurrencies are sinking their teeth into the lunch boxes of major banks and traditional gatekeepers.

One way or another, these gatekeepers are going to get their lunch eaten. It's starting to become clear to some of them that they have to adapt or die, but there will inevitably be other keepers that won't give up without a fight.

The more that crypto exchanges, businesses, and platforms gain this type of traditional adoption, the more that crypto becomes mass adopted by your everyday human.

This is one more tally on the scoreboard for cryptocurrencies and crypto businesses across the world.

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