Kraken Financial CEO David Kinitsky spent time with BeInCrypto to discuss the move to the US state of Wyoming.
He said Wyoming was the new epicenter of fintech
The chief financial officer is looking to entice remote employees to come to Wyoming.
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Kraken couldn’t have chosen a better time to launch a regulated US bank. With events such as BitMEX shaken by criminal charges, John McAfee awaiting extradition to Spain, and KuCoin the victim of a hack, it’s clear the crypto has yet to completely shake its reputation as the Wild West.
Now Kraken is growing in the West, but in a much more regulated way. After obtaining a banking charter from the state of Wyoming, the company launched a Special Purpose Depository Institution (SPDI) dubbed Kraken Financial. They were able to grab David Kinitsky, a former Fidelity Investments alumnus, for the top job.
Kinitsky, who Kraken hired in April to lead the new bank , took some time to talk to BeInCrypto about the move to Wyoming. We also discussed the regulatory landscape and Kraken Financial’s plans as a budding bank. Kraken Financial’s new CEO told us Wyoming is the new epicenter of fintech, saying:
The joke is that Cheyenne is the new Boise, which sounds funny unless you know about the tech boom Boise has experienced over the past decade. This seems likely to happen for Wyoming with fintech.
„Living among the bison“
Kinitsky is no stranger to crypto, having been involved in some of the industry’s major achievements, such as the Grayscale Bitcoin Investment Trust. He was also a part of Fidelity Investment’s digital effort, where he helped create strategy and contributed to fintech firm Circle, streamlining its focus around its stablecoin, USDC.
But it was Kraken who really turned things upside down. Kinitsky told us,