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Free Bitcoin 2020 Earn Free Bitcoin Daily in Internet 2020 Learn different ways to earn Bitcoins by completing simple tasks, Captcha’s and sell your Bitcoins for real money. Free Bitcoin 2020 What is Bitcoin? Bitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency. Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets. Bitcoins in its pure essence is money. It is digital curren

Kraken Cryptocurrency Exchange Gets US Banking License, Plans to Be Global Bank

Kraken Cryptocurrency Exchange Gets US Banking License, Plans to Be Global Bank

Cryptocurrency trading platform Kraken has received a banking license recognized under federal law to operate as a bank in the U.S. The company has outlined its plans to offer a number of cryptocurrency-focused financial services locally and globally.

Kraken Now a US Bank

Kraken announced Wednesday that it has received a U.S. bank charter. “The state of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial,” the company detailed, elaborating:

Kraken Financial is the first digital asset company in U.S. history to receive a bank charter recognized under federal and state law.

The announcement further states that Kraken Financial “will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.”

The Wyoming Legislature enacted HB 74 last year, which authorized the chartering of Special Purpose Depository Institutions, which Kraken described as custody banks for digital assets. As a bank, Wyoming law requires Kraken Financial to maintain 100% reserves of its deposits of fiat currency at all times. “If every client were to demand withdrawals of their fiat at the same moment, Kraken Financial would be able to fulfill each withdrawal immediately without regard to how many loans we had outstanding,” the company emphasized.

Kraken Financial will be regulated by the Wyoming Division of Banking. It will have a permanent physical presence in Cheyenne with back-office teams and functions. Kraken clarified that it “will operate an online and mobile-first banking model.”

The company explained that its banking operations “will start locally, but will soon operate globally,” noting that the SPDI charter will help expand its reach across the United States, “and will also help the broader Kraken organization to service companies around the world.” Initially, accounts are only available to U.S. residents, but the company says, “We hope to expand globally soon.”

Kraken also outlined the services it plans to offer. In the first year of operations, digital asset custody, demand deposit accounts, wire transfers, and funding services will be available. Within the next few years, more services will be added, such as staking, trust accounts, a complete suite of online and mobile banking services, and debit cards.

Will you open an account at the Kraken bank? Let us know in the comments section below.

The post Kraken Cryptocurrency Exchange Gets US Banking License, Plans to Be Global Bank appeared first on Bitcoin News.



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