Kraken Becomes First US Crypto Bank

Plus a rap legend is shilling MMT

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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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