Kraken Launches Its Own Crypto Bank, This Is The Goal!

Kraken is preparing to launch its own crypto bank. (Photo; Doc. Kraken)

JAKARTA - One of the leading US crypto exchanges, Kraken, is reportedly planning to launch its own bank. This was done after the US Securities and Exchange Commission (SEC) charged Kraken for failing to register a crypto asset staking program.

According to Kraken's Chief Legal Officer, Marco Santori, Kraken Bank is nearing launch, and plans will be carried out in stages in 2022 with the first service provided to clients of Kraken AS and then to others.

In 2023, Kraken has settled a 30 million US dollar dispute with the US SEC. Previously, the US SEC had stated that Kraken should stop offering or selling securities through a digital asset staking program. Kraken has been offering crypto asset staking services since 2019.

Although lawmaker Kraken declined to comment on the settlement with the US SEC, he added that staking is a small part of Kraken's revenue.

The exchange also does not recognize or deny the claims made in the complaint. However, these legal actions do not affect the mix of Kraken products in the US.

As a well-known crypto exchange, Kraken has made steps to launch its own bank as a business diversification effort. Kraken will soon join other crypto exchanges that have launched its own banks, such as Gemini and Coinbase.

For crypto market players, Kraken's move is expected to provide trust and stability in the digital asset industry, especially in terms of regulation and compliance.