Kraken Parent Considers Global Banking Expansion Beyond US
Kraken's parent company, Payward, is considering expanding its banking strategy beyond the United States. This move could broaden Kraken's financial services to include more than just traditional cryptocurrency trading and custody.
Kraken Financial, a Wyoming-chartered bank serving institutional clients, already provides regulated custody and deposit services while keeping customer assets separate.
The company has recently launched qualified custody through Kraken Institutional, targeting institutions seeking regulated infrastructure for storing and managing digital assets. This platform connects with Kraken's wider product ecosystem, allowing clients to manage transfers and other crypto activities through a unified interface.
Kraken designed its banking structure around full reserves and continuous access to customer deposits, which could appeal to financial firms entering digital assets cautiously.