bitcoinst (OP)
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September 16, 2020, 03:28:53 PM |
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Kraken is launching a crypto bank in Wyoming, paving the way for possible stock offeringsCryptocurrency exchange Kraken is launching a bank under a new regulatory framework in Wyoming, a move that will expand its product suite, the firm said in an announcement Wednesday. Headquartered in Wyoming, Kraken Financial will be regulated by the Wyoming Division of Banking under a so-called Special Purpose Depository Institution. The new structure was purpose-built for cryptocurrency companies and will allow Kraken to offer certain banking functions to clients and effectively serve as the exchange operator's primary banking relationship. Up until this point, Kraken has relied on third-party providers for wire transfers and other services that enable it to engage with the broader financial system. Crypto firms have a history of challenging and precarious banking relationships. Most traditional banks have refused to offer services to such firms, while some offshore exchanges like Bitfinex have had trouble maintaining relationships with banking partners. To be sure, there are some small community banks aimed at the crypto market—such as Signature and Silvergate—but they have had issues with outbound wire transfers in the past. Still, big banks are moving into the market with JPMorgan recently taking on exchanges Coinbase and Gemini as banking clients. https://www.theblockcrypto.com/post/77804/kraken-crypto-bank-launch-wyoming
It seems that we are witnessing the beginning of a new banking era, or at least its integration with cryptocurrencies.
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mk4
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September 16, 2020, 03:37:46 PM |
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Not sure, but unless they're allowing their clients to "hold" bitcoin/crypto on their bank accounts(taking note that letting a "bank" hold your crypto doesn't really sound great in the first place), calling it a "crypto bank" might be quite of a stretch. From the sounds of it(from the short article), it seems to be a typical bank, but just crypto business-friendly.
Really interesting though.
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The Sceptical Chymist
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September 16, 2020, 04:20:16 PM |
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I found this quote particularly interesting: For instance, Kinitsky said the firm could launch a crypto debit card, a yield account product, or an IRA product. Its banking status could also allow it to offer services in stock, derivatives or commodities trading, he added. It would be fantastic if you were able to deposit bitcoin and buy stock with it, and having a legitimate "yield account product" which I assume is an interest-earning savings account, except with crypto and not fiat, would be freakin' awesome. I think that's what Trendon Shavers was trying to do with his Bitcoin Savings and Trust operation--except that it was a scam. The firm is in the process of lining correspondent banking partners and opening an account with the Federal Reserve. It's also not clear if every state will respect the status of Kraken's new bank charter. That last sentence, oh boy. I seriously doubt residents of every state in the US are going to be able to use a crypto bank based in Wyoming. And I'm pretty sure my own state wouldn't allow it, but we'll see. There's also a part of me that hates banks, and I'm not sure I'd personally want to start combining crypto with banking. The idea of a bank holding my coins gives me the creeps. But this is pretty significant news, and it's great for people who don't mind mixing banking services with crypto. Thanks for posting this, OP.
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mk4
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September 17, 2020, 02:11:23 AM |
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That last sentence, oh boy. I seriously doubt residents of every state in the US are going to be able to use a crypto bank based in Wyoming. And I'm pretty sure my own state wouldn't allow it, but we'll see.
Same thoughts, but it's a damn good progress that's for sure. There's also a part of me that hates banks, and I'm not sure I'd personally want to start combining crypto with banking. The idea of a bank holding my coins gives me the creeps.
Aaand same. But on a positive note, having the option to is good. It's not like we'd need to deposit 100% of our holdings, probably just enough bitcoin that we need to use for whatever purpose.
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September 17, 2020, 03:07:09 AM |
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So, yeah, just when we think crypto means doing away with banks and third parties, another crypto bank is about to be launched. Crypto is actually producing a different breed of banks, not making them useless. It is either the old banks will change skin to fit with the new world order or get replaced with new ones. Either way, banks will stay, new "re-defined" banks. And so safekeeping in banks stays; bank wealth-management stays; and so on.
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September 17, 2020, 03:27:23 AM |
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I am not as positive on this news as some people might be. I am happy as an investor because it might be a positive on the price, however, this appears something very ironic for me.
This might also be the beginning of bitcoin transforming to a banker's coin.
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mk4
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September 17, 2020, 05:06:32 AM |
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I am not as positive on this news as some people might be. I am happy as an investor because it might be a positive on the price, however, this appears something very ironic for me.
This might also be the beginning of bitcoin transforming to a banker's coin.
Bitcoin isn't only for the people, it's for literally everyone; not that we can do anything if banks become interested in it as bitcoin is trustless in the first place. It's literally one of the main advantages of proof-of-work compared to proof-of-stake — holding a huge amount of bitcoin isn't going to give you power/authority over the network.
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TheUltraElite
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September 17, 2020, 05:57:05 AM |
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This might also be the beginning of bitcoin transforming to a banker's coin. That wont happen because of the mining algorithm of bitcoin being POW. Biggest hodlers cannot influence or take centralized control over the coin. In fact if there is a better coordination between banking system and bitcoin we might move towards a system where crypto can be regulated for common people to use it for everyday purpose and trading while not allowing criminals who are involved in money laundering and catching who are already doing it under the veil of anonymity provided by crypto. Of course majority of bitcoin hodlers who came from an anti-bank sentiment will not like this, but looking at the current condition where governments are having to crack down on exchanges and confiscate data logs of users, exchanges going exit scam on fine mornings, this is of course the lesser evil.
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September 17, 2020, 08:52:49 AM |
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- The move means the exchange could launch trading of non-crypto assets
Probably the only good thing that'll come out of this. The new structure was purpose-built for cryptocurrency companies and will allow Kraken to offer certain banking functions to clients and effectively serve as the exchange operator's primary banking relationship.
So their main objectives aren't normal users ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) It seems that we are witnessing the beginning of a new banking era, or at least its integration with cryptocurrencies.
Indeed but I have a feeling they'll end up heavily regulating it and that will surely make normal users stay away from this so-called crypto bank.
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September 17, 2020, 11:38:59 AM |
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So, yeah, just when we think crypto means doing away with banks and third parties, another crypto bank is about to be launched. Crypto is actually producing a different breed of banks, not making them useless.
Yeah, that fantasy of cryptos replacing the banks and making them obsolete is on its last leg, nothing but a dream remains of it. First, it was banks that made a profit for bitcoiners sending money and withdrawing money made in crypto from exchanges via banks, then the banks started dealing directly with exchanges, then buying projects, in the end, they will end monopolizing this again. It's the human nature to manage to reduce everything revolutionary to the ordinary, and noting will change in the end. Bitcoin isn't only for the people, it's for literally everyone; not that we can do anything if banks become interested in it as bitcoin is trustless in the first place. It's literally one of the main advantages of proof-of-work compared to proof-of-stake — holding a huge amount of bitcoin isn't going to give you power/authority over the network.
Except for the fact they can drop the price of the coins by half by selling the coins, they hold for their clients and then pay them half of the value in fiat. The central bank can't control or stop me when I give you a 10$ dollar note, but it can make that 10$ worth 50 cents with a single move. This might also be the beginning of bitcoin transforming to a banker's coin. That wont happen because of the mining algorithm of bitcoin being POW. Why? What is stopping a bank to buy a mining farm also? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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TheUltraElite
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September 17, 2020, 01:53:54 PM |
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This might also be the beginning of bitcoin transforming to a banker's coin. That wont happen because of the mining algorithm of bitcoin being POW. Why? What is stopping a bank to buy a mining farm also? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Shh, dont give them that idea. But honestly speaking, I am sure some investment banks have own stakes on few of the top mining pools, if not today but surely tomorrow someone will get the idea and if they wish to diversify their investments they would be doing so. I am more inclined to believe that they have already done so, because they are the top minds who take part in making money and are way more cunning than common people like us.
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mk4
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September 17, 2020, 05:31:01 PM |
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Except for the fact they can drop the price of the coins by half by selling the coins, they hold for their clients and then pay them half of the value in fiat. The central bank can't control or stop me when I give you a 10$ dollar note, but it can make that 10$ worth 50 cents with a single move.
Ah, the price manipulation argument. Sure they can, and nothing is stopping them from doing that; and not only the government, pretty much anyone with enough money. Them buying up a huge amount of bitcoin(hence spiking up the price), and using the bitcoin to crash it back down is quite of a stretch though(but I'm definitely not saying it's impossible).
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cabron
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September 17, 2020, 06:02:42 PM |
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Banks still find their relevance through exchanges like Kraken and Gemini. It only looks like these exchanges are giving chances to banks to still have a grip of power in the decentralized currencies. It should have been planted in the brains of crypto users that the wallets we are using already serves as a bank.
I have tried not to use Kraken since the time they delisted the tokens I have been trading like the ICN back when they were the only who listed it.
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Twentyonepaylots
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September 17, 2020, 07:30:04 PM |
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Banks still find their relevance through exchanges like Kraken and Gemini. It only looks like these exchanges are giving chances to banks to still have a grip of power in the decentralized currencies.
Or the opposite? I guess it is the banks that gives chances to exchanges since for them it is a new regime of assets fully capable of being sent and received online. If it is the exchanges that gives their relevance to a bank, they could have been done it in Europe or somewhere state laws isn't that too complicated, maybe even possible in Asia. It should have been planted in the brains of crypto users that the wallets we are using already serves as a bank.
Nope, this huge step of Kraken is stepping outside of what they really are, the wallet you are talking from is a personal bank which is far from this third party banking provided by Kraken. I have tried not to use Kraken since the time they delisted the tokens I have been trading like the ICN back when they were the only who listed it.
Why? it is not the Kraken's fault when they delist a coin, that just means that you coin is shit. Anyways congrats Kraken ![Grin](https://bitcointalk.org/Smileys/default/grin.gif)
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cryptoperkele
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September 17, 2020, 07:50:32 PM |
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Wait, does this mean if i lived there, i could use this as my main bank account and i could get my salary paid in there and pay my bill from there as well? I wouldn't need to debank, i could just choose crypto native bank.
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bitcoinst (OP)
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September 17, 2020, 09:12:12 PM |
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Wait, does this mean if i lived there, i could use this as my main bank account and i could get my salary paid in there and pay my bill from there as well? I wouldn't need to debank, i could just choose crypto native bank.
What products and services will you offer? Our offerings will evolve over time, but we plan to provide clients with everything they expect from a seamless banking gateway between digital assets and national currencies. During its first year of operations, the SPDI plans to give clients the ability to deposit USD and custody digital assets at a regulated state-chartered bank. These banking services will be seamlessly integrated into the existing exchange services, providing clients better funding infrastructure, a better experience and enhanced regulatory clarity. Additionally, because of our position as a bridge between crypto and traditional finance, we will offer the following crypto-focused services in our first year of operations: Digital asset custody Demand/deposit accounts (DDAs) Wire transfer and funding services. We anticipate supporting additional services over the next few years, including: Enhanced digital asset custody offerings Digital asset staking Trust account and administration Other services for individual accounts: A complete online and mobile banking suite of products A debit card that clients can use to spend their crypto funds Other services for corporate clients: Account management services Bank comfort letters Deposit verifications Proof of funds attestations. Finally, we expect to be able to offer additional retail, wealth management and treasury services (and potentially other asset classes such as securities), so stay tuned! https://blog.kraken.com/post/6241/kraken-wyoming-first-digital-asset-bank/
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September 18, 2020, 12:20:15 AM |
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This might also be the beginning of bitcoin transforming to a banker's coin. That wont happen because of the mining algorithm of bitcoin being POW. Biggest hodlers cannot influence or take centralized control over the coin. I did not try to say it that way when I said banker's coin. I was only speculating that bitcoin might be regulated to please the banks and cause it to become lesser than what it was created to be.
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September 18, 2020, 11:50:38 AM |
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But honestly speaking, I am sure some investment banks have own stakes on few of the top mining pools, if not today but surely tomorrow someone will get the idea and if they wish to diversify their investments they would be doing so. I am more inclined to believe that they have already done so, because they are the top minds who take part in making money and are way more cunning than common people like us.
I've never heard of any project or facility that would be of any importance compared to the global hash rate but rather than thinking of it as an investment they should sooner or later think of it as something mandatory to secure their holdings, after all you can't keep billions of dollars in something that can be attacked in some circumstances with only a few millions, and just sit there idle. Actually this is one of my views on what will happen to the mining industry in a few years or decade if bitcoin really take off, with large companies and holders mining simply to keep the network secure, not for profit as they would be mining at a loss but to secure their assets. Ah, the price manipulation argument. Sure they can, and nothing is stopping them from doing that; and not only the government, pretty much anyone with enough money. Them buying up a huge amount of bitcoin(hence spiking up the price), and using the bitcoin to crash it back down is quite of a stretch though(but I'm definitely not saying it's impossible).
I said that especially because the step in which the manipulator would buy bitcoins is no longer mandatory, as they already have bitcoins, the one's people deposited. Not your keys....your bank's bitcoin! ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) So rather than taking power from the banks, you give them more.
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..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
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mk4
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Paldo.io 🤖
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September 18, 2020, 04:54:36 PM |
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I said that especially because the step in which the manipulator would buy bitcoins is no longer mandatory, as they already have bitcoins, the one's people deposited. Not your keys....your bank's bitcoin! ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) So rather than taking power from the banks, you give them more. Hmm. Makes sense. That's definitely possible despite how highly highly reputable Kraken and Jesse Powell are. I still don't think that they'll be a literal crypto-bank where you give them custody over your conis though; I still think they created their own bank just to significantly decrease the complications of the processes they need to do with a typical crypto-skeptical bank.
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Curated Crypto Airdrop Database
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dkbit98
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September 18, 2020, 10:50:42 PM |
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One thing is good with Kraken launching their own bank, (besides Kraken earning more money only for them) and that is less chance of getting ban from your bank if you are using it to buy or sell crypto, and that is just in case regulators don't change some rules and regulations. Bitcoin should be your main 'bank' not kraken, but until people accept it in more places, you need to sell and buy at some point.
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