Wyoming gave permission for their first Crypto bank. World is Adopting crypto?

[Investo20]

Recently Karkanfx has got their permission to be the America's first crypto bank.

We are thrilled to announce that the State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial.

Headquartered in Cheyenne, Wyoming, Kraken Financial is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.

From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will enable Kraken clients in the U.S. to bank seamlessly between digital assets and national currencies.

David Kinitsky, CEO of Kraken Financial, said:
“We’re thrilled to work in a state so aligned with our philosophy and values. Wyoming is a rare and shining example of how thoughtful regulation can drive innovation for FinTech companies.”

This new institution will be regulated in largely the same manner as other U.S. banks.

On the other hand India is planning and discussing about bringing law to ban cryptocurrency. India has a huge market in crypto. And also India in one of the front row countries. This will also effect the crypto market.

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[Fundamentals Of]

This is another good news for crypto. Crypto has been gaining one step further toward world adoption. But it is somewhat ironic that crypto is still creating banks, because crypto itself should already suffice as a bank. Crypto is trying to remove third parties and yet it also is now creating third parties.

With regard to India, it is just in or out as of now. But only time will tell before the country will finally settle down on their decision to be at flow with new technologies in finance. That would mean adoption crypto of course.

[Henrytrust]

This is great news. America has set the ball rolling and this would be instrumental to the mass adoption of cryptocurrency. I know that many other countries would consider allowing cryptocurrency banks in their jurisdictions and before long cryptocurrency would gain the needed popularity.

[Jating]

I agree with what others have said, this is a welcome development, and Kraken has made a leap here. I know that there will be critics here, about having a crypto bank, however, this kind of development will really make crypto closer to more people, in short adoption is on the horizon.

@Fundamentals Of - as far as India goes, the government is like a push-pull, ban-unban attitude. I think they should be assertive here, they should also need to heed the call of their population because adoption crypto or at least regulating it will have a positive effect to their people.

[unusualfacts30]

This is complete opposite of decentralization. I am sure it'll serve Kraken and their investors in the short term but as far as adoption goes this can become a hurdle as people won't be able to differentiate between centralized and decentralized market. This may boost defi coins to another degree.

[judeafante]

David Kinitsky, CEO of Kraken Financial, said:
“We’re thrilled to work in a state so aligned with our philosophy and values. Wyoming is a rare and shining example of how thoughtful regulation can drive innovation for FinTech companies.”

This new institution will be regulated in largely the same manner as other U.S. banks.

On the other hand India is planning and discussing about bringing law to ban cryptocurrency. India has a huge market in crypto. And also India in one of the front row countries. This will also effect the crypto market.

Two opposite news the one that will likely succeed here, the positive one where Wyoming gave permission for their first Crypto bank India is holding on to the belief that Bitcoin is not good for the people and yet other countries are adopting, regulating, and incorporating Cryptocurrency to their system, adoption is winning than banning it, India will soon take out that ban and follow the leaders in Crypto adoption

[Mpamaegbu]

Literally, we fasted and prayed for this 😏, and now it's beginning toyo happen we shouldn't act surprised. On a serious note, at a point in life we know we should expect crypto to be mainstream the way fiat conveniently became after cowries and the barter system. New techs will always replace obsolete ones as a matter of convenience and that's what we're about to witness with many establishment adopting cryptocurrency. After all, automobiles replaced horses and chariots as means of transportation.

This is cheering news, not only for the community here but the entire crypto base.

[akram143]

Recently Karkanfx has got their permission to be the America's first crypto bank.

We are thrilled to announce that the State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial.

Headquartered in Cheyenne, Wyoming, Kraken Financial is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.

From paying bills and receiving salaries in cryptocurrency to incorporating digital assets into investment and trading portfolios, Kraken Financial will enable Kraken clients in the U.S. to bank seamlessly between digital assets and national currencies.

David Kinitsky, CEO of Kraken Financial, said:
“We’re thrilled to work in a state so aligned with our philosophy and values. Wyoming is a rare and shining example of how thoughtful regulation can drive innovation for FinTech companies.”

This new institution will be regulated in largely the same manner as other U.S. banks.

On the other hand India is planning and discussing about bringing law to ban cryptocurrency. India has a huge market in crypto. And also India in one of the front row countries. This will also effect the crypto market.

Banks are trying to control the cryptos because they found they can't stop the usage so this is not really an adoption this is just the accumulation of our cryptos and take them into their custody for fees so they could convert the cryptos into something like fiat money.

[beerlover]

Kraken was always way too professional for my taste anyway and it makes super sense that they would be the first bank, I would have expected coinbase to be in the play as well, since California is a super progressive state they would probably look at crypto currencies as something like "stick it to the man" type of situation and would allow them to make the first bank and have a huge business there but kraken makes sense as well.

Wyoming is another shock, I would have expected from California, Seattle, new york a bit more developed states to actually do it for the first time, not Wyoming but I guess that is my prejudice. At the end of the day this is just an experiment, let's see how it does and if they do well it would help us, if they do horrible it would hurt us.