Kraken is moving ahead with plans to launch its own bank despite a challenging regulatory environment and the recent shuttering of its on-chain staking services for U.S. clients to settle U.S. Securities and Exchange Commission charges that it violated securities laws. 

"Kraken Bank is very much on track to launch, very soon," Kraken's chief legal officer Marco Santori told The Block’s Frank Chaparro on The Scoop podcast. "We're going to have those pens with the little ball chains. We're going to order thousands of them and attach them to the to the desks of Wall Street banks everywhere. With our logo."

With crypto-friendly bank Silvergate shutting down its widely-used Silvergate Exchange Network amid capitalization troubles, Santori said that Kraken's banking relationships were secure and that the exchange had a "diversified group of banks all around the world."

(By Nathan Crooks and Frank Chaparro)

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