Marco Santori, Chief Legal Officer, Kraken

Cryptocurrency exchange Kraken is launching a bank under a new regulatory framework in Wyoming, a move that will expand its product suite, the firm said in an announcement Wednesday. 

To be sure, Kraken isn't alone in its aspiration to be a crypto bank. Elsewhere, BlockFi is working on building out a suite of wealth-management products for crypto, including an upcoming credit card. Meanwhile, Abra—which offers an interest-bearing account for crypto—also has its own ambitions to "re-define" the traditional banking stack, as noted by CEO Bill Barhydt in a recent phone conversation. 

As for Kraken, it has to dot a few i's before it can officially launch its new bank. The firm is in the process of lining correspondent banking partners and opening an account with the Federal Reserve. It's also not clear if every state will respect the status of Kraken's new bank charter.