News ReleaseKraken Plans to Shake Up Traditional Banking with Its Own Digital Asset Bank
MarketJar
Kraken, a leading crypto exchange, has announced its plans to launch its own bank for digital assets, which is set to shake up the traditional banking industry. Kraken's digital asset bank will offer various services, including deposit accounts, wire transfers, and funding options for cryptocurrencies. By integrating banking services with its existing trading platform, Kraken aims to provide a seamless and convenient experience for customers looking to invest in digital assets. With the growing demand for digital currencies, there has been a need for financial institutions to provide more efficient and secure services for digital assets. Kraken's new bank aims to provide users with a seamless and secure experience. This disruptive move is expected to bring more legitimacy to the cryptocurrency industry, as it provides a safe and reliable way for users to store and manage their digital assets. Kraken's bank will provide custody, deposit-taking, and wire transfer services, among others. The bank will be a Special Purpose Depository Institution (SPDI) overseen by the Wyoming Division of Banking. It requires SPDI banks to keep their reserves full, ensuring that user funds will not be lent out without user permission. While the investments made through the bank will not be insured by the Federal Deposit Insurance Corporation (FDIC), Kraken says all assets will be available as cash or the least risky, most liquid cash equivalents. The company also claims to maintain significant capital reserves and surpluses in order to cover the full balance of all clients, even in the event of a bank run. Kraken has been targeted by the Securities and Exchange Commission (SEC) for its unregistered offer and sale of securities in its staking-as-a-service platform available to US customers. To settle the charges, Kraken agreed to pay $30 million in disgorgement, prejudgment interest, and civil penalties and end its on-chain staking service for US clients. The move against Kraken serves as a warning to other crypto-related companies that do not adhere to US financial laws. Kraken's US-based staking service represented only a small percentage of the exchanges' revenue, and the company neither admitted nor denied the allegations in the SEC complaint. Kraken's Chief Legal Officer, Marco Santori, suggested that Americans are now more likely to seek out offshore staking services on riskier exchanges following this decision, which may affect the product mix in the US. Regulators Continue Weeding Out Bad Seeds With Crypto Crackdown The launch of Kraken Bank comes at a time when regulators are cracking down on the entire market, making fully regulated platforms like INX Digital Company (NEO:INXD) (OTCQB:INXDF) stand out. INX Digital is a broker-dealer and inter-dealer broker that provides the first SEC-regulated digital asset trading platform for both cryptocurrencies and security tokens. INX Digital has differentiated itself from other trading platforms by prioritizing compliance from the beginning. Instead of evading regulators, the company worked directly with them to become the first fully regulated platform for investors, traders, and issuers seeking to raise capital. This goal has now become a reality, making INX one of the first companies to receive FINRA clearance for trading and settling security tokens in the US and worldwide. Additionally, the company offers INX.One, the world's first and only fully-regulated, end-to-end platform for listing and trading SEC-registered security tokens and digital currencies. INX.One, is licensed to conduct security token private and public offerings, setting it apart from other exchanges like Coinbase and Binance. The company has even completed the world's first SEC-registered security token IPO, raising $84 million from over 7,250 retail and institutional investors worldwide. INX.One is a part of the company's mission to increase access to the growing opportunities in the digital economy for US and international investors. By working closely with US and global regulators, INX.One sets a global standard for achieving democratization in financial markets while providing necessary regulatory oversight. On March 16, INX announced its full support of the Polygon Blockchain for secondary listings on INX.One, solidifying another milestone in the company’s shared vision to establish the new digital economy by bringing real-world assets on chain. INX Digital also recently announced the listing of Hashrate Asset Group's (HAG) Bitcoin mining security token on INX.One, adding to the multiple token offerings already listed on the breakthrough platform. The HAG Bitcoin mining security token, which is the first in the bitcoin mining space under Reg D/S filing to the SEC, offers eligible investors the option to invest in Bitcoin through hashrate ownership with the compliance and security of INX’s regulated platform. INX.One provides a true Token-as-a-Service (TaaS) platform designed for capital raise purposes to security token issuers. The unified, regulated hub simplifies the issuance process by supplying everything required to quickly and easily issue a digital security token in order to raise capital. INX.One Issuance Services is an end-to-end solution for issuers that includes transfer agent, broker/dealer, and ATS licences to raise capital and list the token for secondary trading, smart contract design, and marketing and promotion support. INX has all of the licences that issuers require, as well as a global team of experts to help them along the way. For more information on INX Digital Company (NEO:INXD) (OTCQB:INXDF) and the services it offers, visit this link or the company's official website. Disclosure: 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, THE INX DIGITAL COMPANY, INC. Market Jar Media Inc. has or expects to receive from THE INX DIGITAL COMPANY, INC.’s Digital Marketing Agency of Record (Native Ads Inc.) two-hundred and eight thousand, three hundred and ninety-four USD dollars for 19 days (15 business days). 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. 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March 16, 2023 01:45 PM Eastern Daylight Time
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