Kraken's co-CEO will acquire a small bank in Wyoming for $5.5 million

According to Bank Reg Blog, Kraken co-CEO Arjun Sethi has signed an agreement to acquire a small bank in Wyoming, Summit National Bank, which is in bankruptcy proceedings, for $5.5 million.

The bank had previously failed multiple sale transactions. Economist David Beckworth asked whether this move would affect Kraken's streamlined Federal Reserve master account pilot and whether this acquisition would convert the streamlined account into a regular account. Bank Reg Blog responded that no direct impact is expected; the bank does indeed have a regular master account, but this transaction is being conducted in Sethi's personal capacity, rather than Kraken owning the bank.