Kraken cryptocurrency exchange’s own bank

Crypto exchange Kraken has revealed plans to open its own bank soon. The project is moving towards an early launch, Kraken’s general counsel Marco Santori told The Block.

Kraken plans to open a new bank despite the increased attention and scrutiny of the crypto industry by regulators.

In the past four months alone, the exchange, which is trying to comply with all legal requirements, has had to pay more than $30.3 million in fines to regulators.

Kraken is an American centralized cryptocurrency exchange founded in 2011. According to CoinGecko, the platform is in 20th place in terms of daily trading volume over the past 24 hours with an indicator of $256 million.
216 cryptocurrencies and 641 trading pairs are represented on the exchange.

Do you think opening a bank is a promising idea?