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.