Cryptocurrency exchange Kraken has secured a bank license, getting approval from the State of Wyoming to create a special purpose depository institution (SPDI).
Headquartered in Cheyenne, Wyoming, the new Kraken Financial unit will be the first digital asset company in US history to receive a bank charter recognised under federal and state law.
Kraken says it applied for the SPDI bank charter because it will help the firm build a bridge between the current financial system and the crypto economy.
"With the charter in place, we can operate a fully independent bank that will reduce our reliance on third-party financial institutions and even help launch a new wave of innovative products for our users," says a blog.
Initially, Kraken Financial plans to give customers the ability to deposit USD and custody digital assets at a regulated state-chartered bank. These services will be integrated into Kraken's existing exchange services.
Customers will also get digital asset custody, demand/deposit accounts, and wire transfer and funding services.