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By becoming a bank we get direct access to federal payments infrastructure, and we can more seamlessly integrate banking and funding options for customers. – David Kinitsky said.
- Additionally, the license will allow Kraken to provide its services to clients in more jurisdictions and won’t have to deal with the state-by-state compliance part.
- The news comes less than two months after the Office of the Comptroller of the Currency (OCC) in the US issued a letter allowing U.S. Federal banks to offer crypto custody services.
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- The OCC had also revealed that its approval limits banks to a specific type of cryptocurrency custody. Hence, financial institutions can store copies of the private keys of their customers or hold the assets themselves in well-secured cold storage facilities.
