Happy Wednesday, Blockfolians!
The Lede
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…
It’s a big step for the crypto industry, so we’re excited to see Kraken take this leap!
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Highly Relevant Reading
Tech data giant CB Insights getting in on that crypto data game
The Bahamas are launching their digital currency imminently
Europe’s big crypto regulation plan has leaked, and it looks like stablecoins are in the crosshairs
Polkadot projects will be able to mine their own tokens starting next month
Community Commentary
This is a fair question.
Speaking of fair questions, does DeFi have an issue with gender?
A Really Big Number We Should Be Paying Attention To
15,955
That’s the number of bitcoin futures contracts open on Bakkt, a new all-time high, worth $200m and up 1000% year to date.
Final Thought
Ice Cube out here shilling MMT