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In a second win for the state, Wyoming has just approved Kraken’s application to become a crypto bank.

More specifically, the longstanding crypto exchange has been granted Special Purpose Depository Institution (SPDI) status with a tentative name of Kraken Financial.

Chief Legal Officer for Kraken, Marco Santori broke the news via Twitter:

The move follows the approval of Caitlin Long’s Avanti Bank Charter, also in the Equality State. Santori outlined some of the hurdles that Kraken had to overcome and included a list of what Kraken Financial can and cannot do with the license:

One of the initiatives was the creation of a new kind of bank charter!

What can the bank do? It can take deposits, operate payment systems, and, of course, custody crypto for individuals and businesses and even some regulated entities

BeInCrypto will update this story as it unfolds.

The post Breaking: Kraken Granted Approval for America’s First Crypto Bank appeared first on BeInCrypto.

Source: Be In Crypto