Kraken parent adds 24/7 dollar settlement with Singapore Gulf Bank
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Kraken parent Payward partners with SoFi on stablecoin, 24/7 settlement
The deal will bring SoFiUSD to Kraken, connect Payward to SoFi’s 24/7 dollar settlement network and give SoFi access to digital asset liquidity through Kraken Prime.
SoFi Links Banking Network and Stablecoin to Kraken in New Deal
Kraken will list SoFiUSD and gain access to SoFi’s round-the-clock dollar settlement network, while Kraken Prime will execute trades for SoFi’s crypto customers.
Sources say Kraken is seeking a full European banking license in Lithuania.
PANews reported on July 8th that, according to CoinDesk, sources familiar with the matter revealed that cryptocurrency exchange Kraken is seeking a full banking license in Europe, with Lithuania as the jurisdiction for obtaining the license. If approved, Kraken would become the only crypto exchage holding such a license, following the same regulatory path as fintech giant Revolut (which received a specialized banking license from the Bank of Lithuania in 2018), enabling it to offer services such as current accounts, consumer loans, and stock trading in the European Economic Area. This move is part of Kraken's parent company Payward's global licensing strategy.
Kraken's parent company wins $22 million arbitration case against auditing firm Mazars.
Odaily that Kraken's parent company, Payward, has won an arbitration against its former auditing firm, Mazars USA, with the arbitrator ruling that Mazars must pay Payward $22 million. Payward is currently seeking confirmation of the arbitration award and a final judgment from the Delaware Court of Chancery. The controversy stemmed from the peak of "Operation Choke Point 2.0" in 2022. Payward claims that Mazars abruptly withdrew from an audit of Kraken that was nearly complete, without finding any problems with the company, but this move damaged Kraken's reputation and forced it to spend years and significant legal fees clarifying its situation. Payward co-CEO Arjun Sethi stated that auditing is not a "gift" for crypto companies, but rather a critical infrastructure for maintaining trust with banks, licenses, counterparties, and regulators. An auditing firm withdrawing without finding anything negative leaves the company unjustly shrouded in suspicion. "Operation Choke Point 2.0" is the crypto industry's term for the regulatory pressure exerted during the Biden administration, referring to the informal pressure exerted by US regulators on banks to restrict services to crypto businesses after the FTX collapse. Sethi stated that the US FDIC sent at least 25 letters to 24 banks, demanding that they suspend or avoid expanding their crypto-related businesses. This ruling is also seen as a legal counterattack by the crypto industry against such regulatory pressure.
Canada's Six Biggest Banks Team Up on a Shared Digital-Dollar Network
RBC, TD, BMO, Scotiabank, CIBC and National Bank are jointly exploring a Canadian-dollar tokenized deposit system, starting with transfers between the banks themselves.
Nasdaq Is Investing $100 Million In Kraken Parent Payward At $21 Billion VALUATION-BLOOMBERG News - Rtrs
TreeNews News, Nasdaq is Investing $100 Million in Kraken Parent Payward at $21 Billion VALUATION-BLOOMBERG News - Rtrs