Kraken, the US-based cryptocurrency exchange, announced its plan to open a crypto bank in Wyoming last year.

The bank, designated as a special purpose depository institution (SPDI), has since been renamed Kraken Bank due to the overwhelming demand for its services.

Despite the recent ban of the exchange’s staking service by the US Securities and Exchange Commission (SEC), Kraken Bank remains committed to its mission of providing a forward-facing regulatory framework for digital assets.

Kraken Support has confirmed that Kraken Bank is still on its way, and it will offer an initial offering to customers in the USA before expanding internationally.

The bank is expected to provide a range of services, including digital asset custody, funding services, wire transfers, debit cards, enhanced crypto custody offerings, and a mobile banking app.

According to Kraken, SPDIs are banks with “forward-facing regulatory frameworks,” which align with the bank’s philosophy and values. The bank’s CEO, David Kinitsky, expressed his excitement to work in a state that supports FinTech innovation.

The recent SEC ban on Kraken’s staking services, deemed a violation of securities law, has not deterred Kraken Bank from its mission.

Kraken Bank is forging ahead to provide regulatory-compliant services to its customers. With the support of Wyoming’s regulatory environment, Kraken Bank is poised to become a game-changer in the world of digital assets.