Why the First US Crypto Bank Is a Big Deal

Kraken became the first crypto exchange to win a U.S. banking license this week. Here’s why that matters.

AccessTimeIconSep 19, 2020 at 1:00 p.m. UTC
Updated Aug 19, 2021 at 4:26 a.m. UTC

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Kraken became the first crypto exchange to win a U.S. banking license this week. Here’s why that matters. 

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  • This episode is sponsored by Crypto.comBitstamp and Nexo.io.

    On this edition of The Breakdown weekly recap, NLW looks at:

    • DEXetition – Uniswap’s battle with SushiSwap heats up as the former dropped the UNI governance token in what some likened to a crypto stimulus check 
    • The Fed has no clothes – After another FOMC meeting of “nothing new,” the mirage of Federal Reserve omnipotence is fading
    • TikTok and WeChat banned from U.S. app stores – Is it just a negotiating technique? Whatever the case, people are not happy
    • Kraken becomes a bank – What it means now that Kraken has been approved for a Wyoming Special Purpose Depository Institution charter

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