Kraken Gives Up on America, Now Plans To Launch Its Own Bank

  1. Kraken’s Chief Legal Officer said that Kraken will launch its own banking institution very soon.
  2. The announcement came initially via an interview with The Block.
  3. Neither CEO Jesse Powell nor CLO Marco Santori provided further details regarding the topic. 

Highly regulated and extremely compliant crypto exchange Kraken appears to be fed up with the follies of US-based regulators. This time, the exchange is going to take matters into its own hands.

Specifically, Kraken’s Chief Legal Officer Marco Santori said that they are working out the details to launch their very own banking institution.

The article containing the announcement was published initially by The Block, although it came from an exclusive interview on a podcast. According to Santori, the bank is going to be called, appropriately, Kraken Bank.

Santori said:

“Kraken Bank is very much on track to launch very soon. We’re going to have those pens with the little ball chains. We’re going to order thousands of them and attach them to the desks of Wall Street banks everywhere with our logo.”

Admittedly, Santori expects huge challenges given the current market situation and the negative views of regulators on crypto. Kraken itself experienced firsthand how tough the regulators can be on crypto firms when the SEC ordered the exchange to shut down its staking program.

As to the details of the Kraken-powered bank, Santori has yet to unveil specifics, including the nature of the bank, its offerings, and its launching date. CEO Jesse Powell is also mum on the topic.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.