Kraken becomes the first US crypto exchange to obtain SPDI status

The Bitcoin exchange Kraken became the first in the United States to obtain the status of a Special Purpose Depository Institution (SPDI), conferring it with the functions of a traditional financial institution. The corresponding application by the California-based company was approved by the Wyoming Banking Board.

NEW: Kraken Wins Bank Charter Approvalhttps://t.co/NnJTMWQJQZ

— Kraken Exchange (@krakenfx) September 16, 2020

The framework was specifically designed for cryptocurrency companies and will allow Kraken to do without external providers, independently performing certain banking functions. Among them are accepting deposits, custodial services, and fiduciary management of digital assets.

By achieving greater regulatory clarity, Kraken gains direct access to the federal payments infrastructure and plans to create a full bridge between the traditional financial system and cryptocurrencies. Its components will include its own debit cards with support for digital assets, as well as interest-bearing and retirement accounts.

In the near future, Kraken will open a new division headquartered in Cheyenne, Wyoming, provisionally named Kraken Financial. In its plans, Kraken Financial will enter the global market.

Earlier this year, a crypto bank Avanti, created with the participation of Blockstream, announced its intention to obtain permission to operate as a Special Purpose Depository Institution.

Earlier in July, Kraken added MVB Bank to its list of authorised partners. Clients who opened accounts at this financial institution were able to use it as a payment gateway for fiat deposits.

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