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169 EpisodesProduced by Laura ShinWebsite

Events in crypto take place at warp speed. This weekly crypto podcast reveals how the marquee names in crypto are reacting to the week’s top headlines. With host Laura Shin, the guests also discuss what they’re thinking about these days and reveal what they believe is on the horizon in crypto. Discl… read more


The First Crypto Bank: What Kraken Financial Will Do and How - Ep.143

David Kinitsky, CEO of Kraken Financial, talks about Kraken's news that it is launching a bank, after receiving approval to form a special purpose depository institution (SPDI) from the state of Wyoming. He discusses:

  • why Kraken decided to become a crypto bank, and what it will be able to do with this status
  • how this status will affect the consumer experience for crypto users 
  • what kinds of crypto assets it will be able to deal with 
  • how quickly it will list coins, such as those DeFi coins that quickly balloon to billion-dollar market caps
  • what its designation, special purpose depository institution (SPDI) means, and why that has special meaning for crypto users
  • what "bailment" means, and why that's significant for crypto users interested in using a crypto bank and how that would affect users in the event any coins were stolen or lost
  • how Kraken Financial's status as a crypto bank will affect the longstanding problem in the industry of obtaining and maintaining bank relationships
  • how this overlaps and works in conjunction with other recent regulations that have affected the crypto industry, such as the OCC saying banks can custody crypto assets
  • how its SPDI status will affect how Kraken Financial is regulated in New York State where the BitLicense is in effect
  • why Kraken, which has a reputation for pushing back on what it deemed to be overreach by regulators, decided to pursue the SPDI
  • how Kraken Financial will make money, despite keeping 100% reserves
  • David's extensive background in cryptocurrency
  • the timeline going forward for Kraken Financial 


Thank you to our sponsors!



Episode links: 

David Kinitsky:



Kraken announcement about Kraken Financial receiving the SPDI title from the Wyoming Banking Board:


CoinDesk story:


The Block story:


Kraken Chief Legal Officer Marco Santori tweet storm on the significance:


Previous episode of Unchained on crypto friendly regulations in Wyoming:


OCC allowing banks to offer cryptocurrency custody services:


Conference of State Bank Supervisors’ new regulatory regime:


Links from news recap:


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