Kraken Exchange Opens A Bank!

[percare 3192]

Cryptocurrency Exchange Kraken was approved a bank licence in the USA state of Wyoming and is now officially a bank too that can run branches and financial services in this state. The name of the bank is Kraken Financial.

This will help Kraken to:

• Have access to federal funds and payments
• Create banking and lending options
• Expand and add non-crypto assets for trading

 

This was met with mixed reaction from the crypto community and a debate about the need of banks or not in the cryptocurrency world. What do you think about this and about banks in crypto. Will they help with adoption of cryptocurrencies or will they are not needed at all as bitcoin was created to cut the middle-man?

 

Source: https://www.nasdaq.com/articles/kraken-becomes-first-crypto-exchange-to-become-a-us-bank-2020-09-16

and : https://www.theblockcrypto.com/post/77804/kraken-crypto-bank-launch-wyoming

[Mella 3680]

This can be a good move to connect the cryptocurrency with the bank system and make a blenting that can be the new system for the economy. Kraken is a good exchange as Yobit and it has been safe always care for their customers, so with a bank together the transfer of money from another country can be done easier.

[percare 3192]

@Frank castle @Mella This is the first time this happens and Binance also wanted to buy a bank in Europe but were not allowed. Kraken is regulated in the USA and they play by the rules of the country. This to me looks great for adoption too and we have to hope there will be many developments come from this.

[MalikAdnan 1662]

Really it is very interesting. Kraken open the bank system for crypto it i amazing and revolution in the crypto. Banking system connected with crypto it is good news for creating the great opportunity for economy.

[malik6314193 5449]

I didn't know why crypto exchanges are going to bank system. 

Crypto or bitcoin was created to get rid that bank system and now these exchanges are going to that direction. 

I think block chain have their own value to they should not work as bank work. 

[scorpiali 5626]

You just put the good questions if the crypto currency community need something like that in the decentralized world of crypto, we talk a lot about that, but any way it's a good news that usa can accept crypto in the financial markets even if the bank is separated to crypto currency exchange 

[Relium 424]

That is really good news for customers of kraken that lives in US becuase that bank will run in united states in first phase. Some of the exchanges have a bank too. for example uphold exchange also a bank account located in US. Most of the exchanges is starting their own debit card feature. This type of improvements will grow up cryptocurrecy ecosystem soon :)

[Ritadom 9]

Bank opening that works directly with cryptocurrency is truely a great start towards ensuring that crytocurrency is growing and new users are getting Intrestersted in joining it without any challenges at all. This should actually happen in all parts of the world

[cooperallch 349]

This is great, so we can withdraw our cryptocurrencies directly to a bank account using the Kraken Exchange. something that makes it a lot easier nowadays

[rekter 8129]

@percare, it already got ridiculed by "experts" saying they see it more like a casino. But these "experts" will be soon out of job because i am seeing a very different future. Right now people are bowing towards banks because banks got an upper hand. But the balance of power in this will shift sooner or later.

 

Crypto exchanges will become banks, (those that comply with regulations and work with them closely) they will have more liquidity then normal banks, and lastly they will buy the banks as old banks themselves have totally different infrastucture in place and would be totally unequipped to handle blockchain adoption and the whole different set of security issues coming with that.

Edited September 29, 2020 by rekter

[SuperCrypto 7193]

On 9/19/2020 at 12:03 PM, percare said:

This was met with mixed reaction from the crypto community and a debate about the need of banks or not in the cryptocurrency world. What do you think about this and about banks in crypto. Will they help with adoption of cryptocurrencies or will they are not needed at all as bitcoin was created to cut the middle-man?

 

The cryptocurrency exchange Kraken has already been granted a license to establish a cryptocurrency bank in the state, which is tentatively called "Kraken Financial". This will allow for an efficient and responsible relationship between the traditional financial system and the cryptocurrency system.

[percare 3192]

On 9/25/2020 at 2:18 PM, scorpiali said:

You just put the good questions if the crypto currency community need something like that in the decentralized world of crypto, we talk a lot about that, but any way it's a good news that usa can accept crypto in the financial markets even if the bank is separated to crypto currency exchange 

I think so too @scorpiali. We know that the banks are already trying to enter the crypto world, so maybe some crypto companies can also enter the bank world and make some better terms. Kraken understands crypto and can make this happen better than other banks. They are financial network now and I think this can help us that we are still early. We have a voice and when we see wrong doing Kraken will listen as Coinbase had to.

[Hfaragon33 29]

banks are going to get vanish, they will sale insurance. Well done for kraken, good job. New order need ends with papper money and all the falsification they produce. In a couple of years crypto will rules

[yonkii 3205]

On 9/19/2020 at 12:03 PM, percare said:

• Have access to federal funds and payments
• Create banking and lending options
• Expand and add non-crypto assets for trading

I am very happy for Kraken and I wish them to become the best bank in the United States of Amurica! This will help all of us too and help cryptocurrencies become adopted and used by everybody in the world. We hope that Kraken will be followed in this by other big exchanges and make big banks to change the bank system to the success of the crypto one that we love!

[Nagat54 42]

Great new it will help kraken exchange to be better because it's now has a new advantage no other exchange has it.

[solarmax 61]

Good news, the appearance of this kind of services from one of the exchanges was just a matter of time, it's great that the US authorities were able to resolve the issue of regulating such transactions. I would like you to believe that soon other states will follow a similar path in terms of legal regulation of transactions with digital assets.

[FIA17 44]

I did see this and was a little surprised myself that it was not making more news then it did. It does kind of go against the point of the crypto currency community but I guess they may open up a new world of fiat withdrawals as those are still fairly limited and mostly support the us dollar. There are many other currencies out there too that need to find its place and maybe tagging up a bank license will get Kraken into that area.

[Dinero49 39]

The news has excited many media and citizens who have already adopted crypto coins. For now, Kraken will only offer accounts to U.S. residents, but the exchange plans to expand to a global clientele. The company said it would offer digital asset custody, demand / deposit accounts, and wire transfer and funding services in its first year but plans a suite of mobile and online banking products, a debit card and other functions. 
Best regards.

[Whited35 15285]

On 9/19/2020 at 2:48 PM, percare said:

This was met with mixed reaction from the crypto community and a debate about the need of banks or not in the cryptocurrency world. What do you think about this and about banks in crypto. Will they help with adoption of cryptocurrencies or will they are not needed at all as bitcoin was created to cut the middle-man?

It did not give me extra impression for sure because Kraken finance is also also looking like to follow the traditional financial system. I often imagine a bank which offers all the financial services like lending,savings, etc by allowing users to deposit and withdraw crypto. 

 

[Abdulrahman3 1252]

Let me say that cryptocurrencies do not need banks at all, but they need new minds that take over the management of banks to make serious and bold decisions about adopting the idea of cryptocurrencies as the currency of the future.