Kraken is one of the most trusted names in crypto

Kraken Financial is a Special Purpose Depository Institution (SPDI) chartered and headquartered in Wyoming, USA. Pursuant to Wyoming law, an SPDI is a bank that receives deposits and conducts other incidental banking activities, including custody, asset servicing, asset management, and other banking services.

Kraken Financial is building the bridge between traditional finance and digital assets. It will provide many of the elements clients expect from a traditional bank with connectivity to the digital asset ecosystem, furthering Kraken’s mission to accelerate the global adoption of digital assets so that everyone can achieve financial freedom and inclusion. The charter for Kraken Financial enables it to serve clients with the safety and security they expect from a regulated financial institution. Kraken Financial is proudly built on a foundation of industry-leading security practices and attentive client service.

Deposits at Kraken Financial are not insured by the Federal Deposit Insurance Corporation (FDIC). However, Wyoming law requires all deposits held by an SPDI to be fully reserved.

Kraken Financial is required — at all times — to have client deposits of currency (only fiat and not digital assets) backed by 100% or more of USD cash and/or high-quality liquid assets. This means that fiat deposits will be kept on hand and in cash or the least risky, most liquid cash equivalents.

Kraken Financial will initially service institutional clients in certain U.S. states. Eligible institutions may be able to obtain fiat deposit accounts and participate in Kraken Financial’s qualified custody solution for digital assets. We will offer digital asset custody and deposit accounts for institutional clients at launch. Kraken Financial will be fully online and have 24/7/365 client support.

Kraken Financial is completing the final milestones before launch. We will offer digital asset custody and deposit accounts for institutional clients at launch.

Yes. Kraken Financial is subject to supervision and examination by the Wyoming Division of Banking. The Wyoming State Banking Board granted Kraken Financial an SPDI bank charter in 2020.

No, Kraken Financial will serve all clients via its online portal. Client support services will be available 24/7/365.

Yes. After creating a relationship with Kraken, institutional clients will have an opportunity to apply for an account at Kraken Financial. Kraken Financial will be expanding its product offerings in the future and we will provide additional information as it becomes available.

In the meantime, you can visit kraken.com/sign-up  to create your Kraken trading account if you don’t have one yet.

Kraken Financial assets are completely segregated from Kraken exchange assets. Each entity maintains separate accounts to hold their respective digital and fiat assets. Client digital assets held in custody are segregated from both Kraken Financial’s assets as well as the Kraken exchange assets.

Kraken Financial is a wholly-owned subsidiary of Payward, Inc. (dba Kraken). Kraken Financial is led by a board of directors and a senior management team with experience in digital assets and traditional finance.

Yes. Kraken Financial is required to undergo audits regularly, and will produce annual audited financial statements. In addition to audits, Kraken Financial is subject to safety and soundness examinations by the Wyoming Division of Banking.

Digital assets are held in your name in your own account and can be verified on the blockchain. In the unlikely event of a Kraken Financial bankruptcy, your digital assets will be available for withdrawal within reasonable processing times. Fiat deposit accounts are subject to the SPDI reserve requirements. Unlike with traditional banks, these funds may not be rehypothecated or lent out and are fully reserved.