MVB Bank partners with Kraken to provide USD funding option
- Kraken, a cryptocurrency exchange, announced its new partnership with MVB Bank on July 7th.
- U.S. Kraken customers will now be able to fund their accounts through direct wire transfers from their MVB accounts.
Cryptocurrency was hailed for its disruption in payments, but its integration into mainstream use has been slow. Inadequate background checks for new users have been major concerns for traditional banks. Few institutions allow their customers to use their bank accounts to directly fund cryptocurrency purchases.
Because of banks’ reluctance to fund crypto exchanges, people who want to trade, buy, or sell crypto assets usually have to do so through offshore funding and alternative methods.
West Virginia-based MVB Bank, with $2 billion in assets, has become one of the first U.S. banks to break this trend. The bank, which has launched programs for fintechs like Credit Karma, Prism, and Divvy, now provides fiat currency funding to Kraken, a cryptocurrency exchange.
Through this partnership, Kraken customers can fund their accounts directly through wire transfers from their MVB accounts. This USD funding option will be available in all states Kraken operates in except for Texas.
Kraken recommends its customers switch to this funding option as quickly as possible.
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