Kraken wants to be your bank, but who will protect your money?

Kraken is seeking to expand beyond crypto trading into banking-like services, positioning itself as a more comprehensive financial provider. The central concern is how customer funds would be safeguarded and what protections would apply, particularly if those protections differ from those offered by traditional banks. The key implication for Bitcoin is that crypto firms’ push into mainstream finance could broaden access, while making custody, regulation and deposit protections more important to users.