The World's First Crypto Bank with David Kinitsky & Marco Santori

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“The bottom line is that a bank is a big deal… banking is the granddaddy of it all, it’s the bottom of the financial services stack.”
— David Kinitsky

SHOW DESCRIPTION

Location: Squadcast
Date: Wednesday 23rd September
Company: Kraken Financial & Kraken
Role: CEO & Chief Legal Officer

Last week Kraken announced that the Wyoming Banking Board had voted in favour of the exchange's application for a banking charter under Wyoming's Special Purpose Depository Institution statute. This charter makes Kraken the first cryptocurrency company to gain banking status.

Receiving the banking charter opens traditional rails in the finance world that had previously been unavailable to the exchange, and in turn, will lead to the development of a range of innovative new banking services.

In this interview, I talk to Kraken Financial CEO David Kinitsky and Kraken's Chief Legal Officer Marco Santori. We discuss the creation of a crypto bank, what it will mean to both the industry and Kraken customers and why they chose Wyoming.

TIMESTAMPS

00:03:17: Introductions
00:05:20: Special Purpose Deposit Institution
00:07:06: The bank's regulatory system
00:12:18: Those little pens on chains!
00:14:25: Bank charter explained
00:16:11: Next steps to establishing the bank
00:18:56: What Peter wants from a bank
00:22:44: Why Wyoming?
00:30:07: Relationships with other banks and the crypto infrastructure
00:34:03: Kraken Financial - what and when
00:36:13: The regulatory requirements for Kraken Financial
00:38:11: Risk and security
00:41:56: Traditional banking products
00:43:13: IRA accounts
00:44:52: The bank nationally and internationally
00:47:44: Kraken Financial's key new products and services
00:51:52: One consolidated Kraken Financial account
00:55:18: The trust-based model vs the trustless model
01:01:16: "Kraken Financial" or "Kraken Bank"?
01:02:22: Careers at Kraken
01:03:43: Final comments

 

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SHOW NOTES

PodcastPeter McCormack