Kraken Launches Crypto Bank: Ready to Revolutionize Banking!

• Kraken announces plans to launch its own crypto bank, initially available to customers in the US.
• The news comes as Silvergate Bank is struggling due to the collapse of FTX.
• Kraken has also been under increased regulatory pressure with recent settlements with the US Securities and Exchange Commission (SEC).

Kraken Announces Plans to Launch Crypto Bank

Kraken, a cryptocurrency exchange platform, has confirmed that it will be launching its own crypto bank in the near future. A tweet from the official Kraken Support account noted that the Kraken Bank was on track and would initially be available to users in the US.

Silvergate Struggles After Collapse of FTX

The launch of a new crypto-friendly bank comes at a time when Silvergate Bank continues to falter after the collapse of FTX. This downturn has caused difficulties for many crypto companies operating within traditional banking systems.

Kraken Granted SDPI Approval

Kraken’s plans for a bank follow it being granted a Special Purpose Depository Institution (SDPI) approval – making them the first crypto company to receive such a charter from any US state. As part of this initiative, they are now able to offer their services as an official financial institution.

Increased Regulatory Pressure on Crypto Companies

The exchange has also been under increased regulatory pressure recently, agreeing a multi-million dollar settlement with the SEC over their staking services. Other firms such as stablecoin issuer Paxos and crypto lender Nexo have also faced charges from the SEC in recent weeks, leading these companies to exit or phase out from operations in certain markets including the US market.


Overall, Kraken’s decision to launch its own bank is indicative of increasing trust between traditional banking institutions and cryptocurrency businesses alike. Despite some companies facing regulatory issues, this could signal a positive shift towards greater acceptance of digital assets in mainstream finance circles moving forward.