Kraken: World’s First Digital Bank To Open in Wyoming | Cowboy State Daily

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Jim Angell, Cowboy State Daily

The world’s first bank dedicated to handling digital assets will open in Wyoming with state approval of an application to open a “Special Purpose Depository Institution.”

Kraken, a company that specializes in the purchase, sale and trade of digital currencies such as Bitcoin, won unanimous approval from the Wyoming State Banking Board on Wednesday to open a bank for the holding and trading of digital currencies.

The SPDI, to tentatively be called Kraken Financial, is the first of its kind to win bank charter recognition from both state and federal regulators, the company said in a news release.

The bank will be headquartered in Cheyenne and will provide comprehensive services for holders of digital assets, the company said, such as accepting deposits and allowing its customers to use their digital assets to pay bills, trade for other currencies or make investments.

Kraken described the bank as a bridge between “cryptocurrencies” and traditional economic systems.

In announcing the Banking Board’s approval, David Kinitsky, Kraken Financial’s CEO, praised Wyoming’s Legislature for making the changes to state banking laws needed to allow the handling of …

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