Episode 126

David Kinitsky and Marco Santori (Kraken) on obtaining the first Wyoming SPDI (EP.126)

On The Brink with Castle Island · Castle Island Ventures

September 16, 202045m 6s

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Show Notes

Today, Kraken Financial, a wholly-owned subsidiary of Kraken, became the first financial institution to receive the Special Purpose Depository Institution (SPDI) charter from the State of Wyoming. To celebrate this major milestone, David Kinitsky, CEO of Kraken Financial, and Marco Santori, Kraken CLO, joined us on the show. In this episode:

Why Kraken decided to open an office in Wyoming and pursue the SPDI
Why David and Marco chose to join Kraken and work on this project
Kraken's journey to obtaining the SPDI and what's next
Why Kraken Financial will not seek oversight from the FDIC – and why it doesn't need deposit insurance
What an SPDI will enable Kraken to do
What distinguishes a full reserve bank – and why take that approach
How Kraken Financial would distinguish itself from the standard banks that service crypto companies and from full reserve bitcoin custodians
Whether Kraken expects NY to honor reciprocity for the Wyoming SPDI
The relationship between Kraken group and Kraken Financial
The next steps to take the SPDI approval and become an operational, fully-fledged deposit taking institution
What the SPDI will mean for existing Kraken customers