Kraken Has Given Up on America and Will Now Establish Its Own Bank
Kraken, a cryptocurrency exchange that is highly regulated and exceedingly compliant, looks to be fed up with the antics of authorities stationed in the United States. This time, the trade will take issues into its own hands and decide how they should be handled.
In particular, Kraken’s Chief Legal Officer Marco Santori said they are finalizing the specifics necessary to build their financial institution.
Kraken Bank: The Exclusive Announcement
The Block was the first publication to publish a piece that included the announcement, even though it was obtained through an exclusive interview broadcast on a podcast. According to Santori, the bank will be named Kraken Bank, a fitting name for the institution.
According to Santori, the debut of Kraken Bank will take place very soon and is very much on schedule. The pens with the small ball chains attached to them will be available. We’re going to purchase thousands of them, and then we will put our brand on them and attach them to the workstations of banks throughout Wall Street.”
Crypto’s Regulatory Roadblocks
Given the present state of the industry and the skepticism that many authorities have towards cryptocurrencies, Santori is aware that it has enormous obstacles ahead. When the SEC forced Kraken to terminate its staking program, the cryptocurrency exchange had first-hand knowledge of the severity of the regulatory environment in that crypto companies operate.
Santori still needs to provide details on the particulars of the Kraken-powered bank. This comprises the kind of bank, the services it will provide, and the day it will open its doors for business. Jesse Powell, the CEO, has also declined to comment.
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