Happy Wednesday, Blockfolians!
Yes, you read that right. San Francisco-based crypto exchange OG Kraken has just won approval to be a bank.
Well, more specifically, they’ve won approval to be a Wyoming Special Purpose Depository Institution. This is the different type of banking license that you might have heard about from Caitlin Long. It will still allow Kraken to do lots of things like operate in other states without state-by-state licensing, perform institutional custody and more. But unlike regular banks, SPDI’s have 100% full reserves. Frankly, this is more in line with crypto ethos, anyway.
To learn more about what this means for Kraken, check out their General Council’s thread on the topic:
Then again, CEO Jesse Powell’s tweet about it may be even more on the money…
Kraken Exchange @krakenfxNEW: Kraken Wins Bank Charter Approval https://t.co/NnJTMWQJQZ
It’s a big step for the crypto industry, so we’re excited to see Kraken take this leap!
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This is a fair question.
Frank Chaparro @fintechfrankThis guy literally has like 1 million ideas. "Rapid prototyping .... Never build a product you won't use yourself. All of these ideas are based on my time in this ecosystem. As I think of one I just add it to my list. When I see problem, I have to fix the problem."
Speaking of fair questions, does DeFi have an issue with gender?
A Really Big Number We Should Be Paying Attention To
That’s the number of bitcoin futures contracts open on Bakkt, a new all-time high, worth $200m and up 1000% year to date.
Ice Cube out here shilling MMT
Ice Cube @icecubeAmerica is a currency creator so there’s no reason for people to live like this. Government and the banks have made a deal to keep the people in debt. They always say if you print money it will cause inflation. They just printed 3 trillion. Little or no inflation. https://t.co/hjh2OoF4zW