Leading cryptocurrency exchange, Kraken, has formally shifted its global headquarters to Cheyenne, Wyoming. This move comes after a sustained period of engagement in the state’s digital asset initiatives and follows the recent unveiling of Kraken Prime, their brokerage platform.
Kraken Prime is a platform tailored for hedge funds, corporates, and asset managers. It amalgamates trading, custody, and asset financing to align with the operational norms of conventional finance.
Wyoming boasts a regulatory environment that is viewed as beneficial to the crypto industry, having enacted over 30 laws pertaining to digital assets. This includes the official recognition of cryptocurrencies as property and legal safeguards for private keys. Furthermore, the state has initiated a fintech sandbox to foster early-stage companies.
Kraken’s investment in Wyoming began in 2021, which coincided with its tenth anniversary. To commemorate this milestone, the company donated $300,000 to the University of Wyoming to bolster programs dedicated to crypto education.
Kraken has actively participated in several state events, such as the Wyoming Blockchain Stampede and Hackathon, held at the University of Wyoming. In 2023, Kraken also co-hosted the Wyoming Blockchain Symposium in Jackson Hole, a gathering of industry experts, legislators, and investors.
The relocation to Wyoming is in line with Kraken’s long-term interest in the state, citing the state’s legal climate and crypto policy as determining factors in this decision. The company will maintain its remote-first workforce model.
Senator Cynthia Lummis, an advocate for cryptocurrency regulation, has welcomed the relocation, hailing it as an indication of “Wyoming’s status as the leading crypto hub in the US.”
