Despite losing millions in SEC’s crackdown, one of the world’s largest cryptocurrency platforms Kraken, is all set to introduce its bank soon. The statement was made by Marco Santori, Kraken’s chief legal officer during an interview with the scoop podcast. According to Santori, the company has been on track to establish its bank soon.
Bridging the Gap between Traditional Finance and Crypto
The launch of Kraken’s bank could revolutionize the cryptocurrency industry. By having its own bank, Kraken could facilitate a range of financial services to its customers, such as lending and borrowing, as well as more traditional banking services including checking and savings accounts.
This measure could allow bridging the gap between traditional finance and the world of cryptocurrencies, which has been a major obstacle to the mainstream adoption of cryptocurrencies. Many traditional banks are still afraid to get engaged with cryptocurrencies, which has made it hard for people to easily purchase and sell digital assets.
Kraken’s banking system could also help to strengthen the cryptocurrency market. By having an honest banking partner, Kraken could enable to decrease the volatility of the market and offer a more sturdy setting for investors.
Regulatory compliance is a major preference
According to santori, regulatory conformity will be a major preference for the new bank. Kraken has been collaborating closely with regulators to ensure that the bank meets all regulatory needs and is willing to comply with all pertinent laws and regulations.
Kraken’s bank is also expected to be completely understandable and auditable. The exchange is pledged to keep the highest standards of transparency and accountability, which will be significant for developing trust with clients and regulators.