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Hi Jeremy! Congrats on the new role. Given that an SPDI isn't a deposit-taking license (like a traditional banking license), what building blocks will the Krak
by rahimnathwani 6y ago
Hi Jeremy! Congrats on the new role.
Given that an SPDI isn't a deposit-taking license (like a traditional banking license), what building blocks will the Kraken SPDI give you, that you don't have today? Is it mainly the ability to interface with the banking system/plumbing, without being subject to a third-party's AML and risk management processes? Or something else?
- jeremyrwelch 6y agoPossible to plug directly into the banking system, and also provide common savings/checking bank account experiences to customers. The key difference is in being fully reserve backed (no fractional reserves). David Kinitsky and Marco Santori from Kraken talk some of these details in a podcast called "On The Brink", if you'd like to learn more.
- rahimnathwani 6y agoPodcast episode link for anyone else who's interested: https://lnns.co/RiQ2wjI8VHh https://lnns.co/RiQ2wjI8VHh