Manatt Advises Kraken on Historic Bank Charter Approval

Jan Lynn Owen, a senior advisor in the Manatt Financial Services group, helped advise Kraken, a San Francisco-based digital assets exchange, in its approval of being the first digital asset company in U.S. history to receive a bank charter recognized under state law, and will be the first regulated, U.S. bank to provide comprehensive deposit-taking, custody and fiduciary services for digital assets. The State of Wyoming approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), tentatively called Kraken Financial.

A significant achievement in the fintech space, the approval of Kraken Financial will enable Kraken clients in the U.S. to bank seamlessly between digital assets and national currencies.

Owen advised the company through the regulatory process and was recently appointed as a director for the new Kraken Financial institution.

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