Kraken Financial

Kraken Financial is an independent subsidiary of the cryptocurrency exchange Kraken (Payward, Inc.). In September 2020, it received a state charter from the Wyoming Division of Banking to operate as a Special Purpose Depository Institution (SPDI), making it the first crypto company to receive a U.S. bank charter. Its mission is to bridge the gap between digital assets and the traditional financial world by offering regulated and secure banking services, including digital asset custody, demand/deposit accounts, and wire transfer services, initially for U.S. clients. While the charter has been granted, the bank is not yet fully operational for the public as of late 2023.