David Kinitsky, CEO of Kraken Financial, talks about Kraken's news that it is launching a bank, after receiving approval to form a special purpose depository institution (SPDI) from the state of Wyoming. He discusses: <ul> <li style="font-weight: 400;">why Kraken decided to become a crypto bank, and what it will be able to do with this status</li> <li style="font-weight: 400;">how this status will affect the consumer experience for crypto users </li> <li style="font-weight: 400;">what kinds of crypto assets it will be able to deal with </li> <li style="font-weight: 400;">how quickly it will list coins, such as those DeFi coins that quickly balloon to billion-dollar market caps</li> <li style="font-weight: 400;">what its designation, special purpose depository institution (SPDI) means, and why that has special meaning for crypto users</li> <li style="font-weight: 400;">what "bailment" means, and why that's significant for crypto users interested in using a crypto bank and how that would affect users in the event any coins were stolen or lost</li> <li style="font-weight: 400;">how Kraken Financial's status as a crypto bank will affect the longstanding problem in the industry of obtaining and maintaining bank relationships</li> <li style="font-weight: 400;">how this overlaps and works in conjunction with other recent regulations that have affected the crypto industry, such as the OCC saying banks can custody crypto assets</li> <li style="font-weight: 400;">how its SPDI status will affect how Kraken Financial is regulated in New York State where the BitLicense is in effect</li> <li style="font-weight: 400;">why Kraken, which has a reputation for pushing back on what it deemed to be overreach by regulators, decided to pursue the SPDI</li> <li style="font-weight: 400;">how Kraken Financial will make money, despite keeping 100% reserves</li> <li style="font-weight: 400;">David's extensive background in cryptocurrency</li> <li style="font-weight: 400;">the timeline going forward for Kraken Financial </li> </ul>   Thank you to our sponsors!  Crypto.com: <a href= "http://crypto.com/">http://crypto.com</a> Cosmos: <a href= "http://five.hackatom.org/?utm_source=unconfirmed&utm_medium=sponsor&utm_campaign=unconfirmed_sep-oct_2020"> http://five.hackatom.org</a>   Episode links:  David Kinitsky: <a href= "https://twitter.com/Kinitsky">https://twitter.com/Kinitsky</a> Kraken Financial: <a href="https://krakenfinancial.com/">https://krakenfinancial.com</a> Kraken: <a href= "https://www.kraken.com/en-us/">https://www.kraken.com/en-us/</a>   Kraken announcement about Kraken Financial receiving the SPDI title from the Wyoming Banking Board: <a href= "https://blog.kraken.com/post/6241/kraken-wyoming-first-digital-asset-bank/"> https://blog.kraken.com/post/6241/kraken-wyoming-first-digital-asset-bank/</a>   CoinDesk story: <a href= "https://www.coindesk.com/kraken-crypto-exchange-secures-bank-charter-under-wyoming-law"> https://www.coindesk.com/kraken-crypto-exchange-secures-bank-charter-under-wyoming-law</a>   The Block story: <a href= "https://www.theblockcrypto.com/post/77804/kraken-crypto-bank-launch-wyoming"> https://www.theblockcrypto.com/post/77804/kraken-crypto-bank-launch-wyoming</a>   Kraken Chief Legal Officer Marco Santori tweet storm on the significance: <a href= "https://twitter.com/msantoriESQ/status/1306236234675740672?s=20"> https://twitter.com/msantoriESQ/status/1306236234675740672?s=20</a>   Previous episode of Unchained on crypto friendly regulations in Wyoming: <a href= "https://unchainedpodcast.com/eth-denver-fireside-chat-with-2-of-the-most-crypto-friendly-governors-in-the-nation/"> https://unchainedpodcast.com/eth-denver-fireside-chat-with-2-of-the-most-crypto-friendly-governors-in-the-nation/</a>   OCC allowing banks to offer cryptocurrency custody services: <a href= "https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms"> https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms</a> <a href= "https://www.coindesk.com/banks-in-us-can-now-offer-crypto-custody-services-regulator-says"> https://www.coindesk.com/banks-in-us-can-now-offer-crypto-custody-services-regulator-says</a> <a href= "https://www.coindesk.com/occ-crypto-custody-years">https://www.coindesk.com/occ-crypto-custody-years</a>   Conference of State Bank Supervisors’ new regulatory regime: <a href= "https://www.reuters.com/article/us-usa-regulators-crypto/u-s-crypto-fintech-firms-to-benefit-from-slimmed-down-regulatory-process-idUSKBN2661OA"> https://www.reuters.com/article/us-usa-regulators-crypto/u-s-crypto-fintech-firms-to-benefit-from-slimmed-down-regulatory-process-idUSKBN2661OA</a>   Links from news recap: <a href= "https://unchainedpodcast.com/half-a-billion-dollars-overnight/"> https://unchainedpodcast.com/half-a-billion-dollars-overnight/</a>

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The First Crypto Bank: What Kraken Financial Will Do and How - Ep.143

Laura Shin

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