Kraken to Launch its Own Bank “Very Soon”

Kraken to Launch its Own Bank “Very Soon”

Business
February 6, 2023 by Admin
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How will Kraken’s new banking system be different from traditional banking? Kraken to Launch its Own Bank “Very Soon” Kraken, one of the largest cryptocurrency exchanges in the world, has recently announced its intention to launch its own private banking service “very soon.” The announcement was made during a recent meeting of the Financial Services
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How will Kraken’s new banking system be different from traditional banking?

Kraken to Launch its Own Bank “Very Soon”

Kraken, one of the largest cryptocurrency exchanges in the world, has recently announced its intention to launch its own private banking service “very soon.” The announcement was made during a recent meeting of the Financial Services Agency of Japan, the country in which Kraken is currently headquartered.

According to the CEO of Kraken, Jesse Powell, the company is already in the process of applying for the relevant banking license, which will allow them to offer a variety of services to their customers such as higher deposit limits, low-cost loans, and more. The company is also working on developing its own mobile banking app and has said that once the license is granted, the process of setting up the bank and launching its services should take around a year.

Kraken’s announcement comes amid a growing interest in cryptocurrencies and the blockchain technology they are based on. Many companies are now focused on creating their own private banking services, with some of the most notable ones being Gemini and Coinbase, who have both announced plans to launch their own banks in the near future.

The move by Kraken is seen as an attempt to stay ahead of the competition, as well as capitalize on the increased demand for cryptocurrency-based services. Additionally, the company will be able to offer more flexible financial services to its customers, a noticeable rallying point for users who have complained about the rigidness of traditional banking for some time.

The launch of Kraken’s bank is expected to be a key milestone in the development of the cryptocurrency sector, and there is a lot of excitement among investors and the community in general. It remains to be seen if Kraken’s banking service will be as successful as its current exchange platform, however, it is evident that the advent of private banking services perfecting the cryptocurrency sector.