Opinion

Why the First US Crypto Bank Is a Big Deal

Kraken became the first crypto exchange to win a U.S. banking license this week. Here’s why that matters.

By Nathaniel Whittemore

Sep 19, 2020 at 1:00 p.m. UTC

Updated Sep 14, 2021 at 9:58 a.m. UTC

By Nathaniel Whittemore

Sep 19, 2020 at 1:00 p.m. UTCUpdated Sep 14, 2021 at 9:58 a.m. UTC

(KevinAlexanderGeorge/iStock via Getty Images Plus)

By Nathaniel Whittemore

Sep 19, 2020 at 1:00 p.m. UTCUpdated Sep 14, 2021 at 9:58 a.m. UTC

Kraken became the first crypto exchange to win a U.S. banking license this week. Here’s why that matters.

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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.

On this edition of The Breakdown weekly recap, NLW looks at:

DEXetition – Uniswap’s battle with SushiSwap heats up as the former dropped the UNI governance token in what some likened to a crypto stimulus check
The Fed has no clothes – After another FOMC meeting of “nothing new,” the mirage of Federal Reserve omnipotence is fading
TikTok and WeChat banned from U.S. app stores – Is it just a negotiating technique? Whatever the case, people are not happy
Kraken becomes a bank – What it means now that Kraken has been approved for a Wyoming Special Purpose Depository Institution charter

This week on The Breakdown:

Monday | The Business of Geopolitical Competition

Tuesday | The Decade of the Living Dead: How Zombie Companies Are Robbing Tomorrow’s Economy

Wednesday | Governments vs. Networks: The Battle for the Soul of Finance

Thursday | Monetary Policy Is Finished and Macro Debates Are Boring, Feat. Raoul Pal

Friday | ‘I Didn’t Buy It to Sell It. Ever.’ MicroStrategy’s Michael Saylor on His $425M Bitcoin Bet

For more episodes and free early access before our regular daily releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.

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