US-based Crypto Exchange Kraken reportedly joined forces with the regulated UK full-service clearing bank Clearbank to provide pound-based services to its UK clients.
British Bank Clearbank has expanded its role in Crypto Market by partnering with Exchange Kraken in the US to provide GBP clearing services to Kraken’s UK clients following the recent acquisition of EMI licenses through Entity Payward Services.
According to a press release on April 3, Clearbank will become Kraken’s Primary UK bank, previously supporting Crypto Frivisies Limited, the FCA regulated investment arm of Kraken Group, and has a client money account.
Clearbank’s chief customer officer John Salter commented on the partnership, saying the companies share “similarly ambitious long-term growth plans,” but did not provide details.
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ClearBank is nothing new to the Crypto scene. In 2018, they partnered with London Block Exchange, the UK’s first Crypto Exchange, to enable local customers to trade digital currencies without the need to send money abroad.
A partnership will arise as Kraken is considering examining debt financing of up to $1 billion ahead of a potential IPO. As Crypto.News previously reported, Crypto Exchange is working with financial heavyweight Goldman Sachs and JPMorgan Chase to explore this move. The debt hike could be as low as $200 million, but it aims to drive Kraken’s growth plan without covering daily expenses.
read more: Crypto VC Funding: Kraken acquires Ninjatrader for $1.5 billion, while MoonPay secures $200 million
