Kraken Doesn’t Just Want to Be a Crypto Exchange
Hey Digital Banking Fanatic!
What if your crypto exchange became your bank? 🏦
Last month, I wrote about Kraken eyeing a European banking licence. Now, those ambitions appear to be getting bigger.
Kraken’s parent company, Payward, is exploring becoming a full-fledged bank outside the U.S., a move that could let it offer traditional banking services alongside its crypto products.
And the interesting part is where it’s looking.
While other crypto companies are chasing banking charters in the U.S., Kraken seems to be taking a different route by looking abroad first.
It’s another sign that the worlds of crypto and traditional banking are moving closer together.
At what point does a crypto exchange simply become a bank?
On that note, let’s get into today’s digital banking stories 👇
Cheers,
INSIGHTS
💡 The Monzo Mafia: A FinTech Founder Factory. An analysis of 3,360 former Monzo employees found that 145 went on to become founders, with their companies collectively raising more than $306M. The alumni have built startups across incident management, remittances, digital banking, AI, carbon markets, and healthtech, with incident.io, NALA, and Pave Bank among the biggest fundraisers. It’s a striking example of how a strong fintech talent network can keep creating companies long after people leave the original business. Read the full story here
NEWS
🌏 Kraken parent Payward weighs a full bank license outside the US, CEO Dave Ripley told the Wyoming Blockchain Symposium. The company already operates a Wyoming SPDI charter and aims to expand into broader financial services.
🇰🇷 Kakao to spin off its chat app-based platform business into KakaoAI, with a planned relisting in 2027. The remaining entity will be renamed KakaoX and retain investment operations.
🇲🇨 Legal dispute emerges at Monzo cofounder's Monaco banking venture, as a new report surfaces tensions inside the startup. A legal clash has broken out at the neobank founded by a Monzo cofounder, raising questions about its future direction. Keep reading
🇺🇸 Eric Trump signs limits on influence in World Liberty Bank Plan. The agreement places formal restrictions on Eric Trump's role in the crypto-linked banking venture. Read more
🇰🇷 KakaoBank and Shinhan Card launch the Chak-Boot Card, a co-branded PLCC offering 10% off mobile payments and AI subscriptions. The card gives discounts on ChatGPT and Claude recurring fees plus 50% off Naver Plus and Coupang Wow memberships.
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