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Kraken crypto exchange wants to open a bank

Exchange or bank? Both, if Kraken has its way.

By Mike Hesp
• 1 min read
Kraken crypto exchange wants to open a bank

Exchange or bank? Both, if Kraken has its way. The first branch is on the way.

The Kraken crypto exchange will soon operate as a bank as well. "Kraken Bank isn't open yet, but on the way!" according to a tweet from the exchange. The offering is initially aimed at "existing Kraken customers in the US," but could "expand internationally in the future."

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Originally the idea was slated for 2021, but it was pushed back to 2022. The plan now appears to be taking shape gradually. Kraken, however, has given no deadline.

Kraken Bank is intended to enable a seamless integration between cryptocurrencies and the traditional financial system, said Kraken. This includes cryptocurrency custody and "traditional and crypto bank products." The first branch will open in the state of Wyoming in the northwest U.S.

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