Kraken is not yet a bank. At the moment, it is a crypto exchange. However, it did receive a bank charter approval from the State of Wyoming in September 2020 to form a Special Purpose Depository Institution (SPDI) that it calls the Kraken Bank. Kraken plans a phased launch of the Kraken Bank starting sometime this year (2021). The bank will be headquartered in Cheyenne, Wyoming.