ClearBank, an enabler of real-time clearing and embedded banking, has announced a new regional partnership with Kraken, one of the world’s longest-standing, most liquid and most secure digital asset platforms. The extended partnership sees ClearBank provide Kraken’s UK based clients with GBP clearing services enabling seamless on and off ramps into the digital exchange ecosystem.
Building and maintaining reliable, instant fiat payment rails has been a consistent challenge that has held back digital asset adoption. ClearBank solves this challenge through its direct membership of the Faster Payments Service (FPS) and its virtual International Bank Account Numbers (vIBANs) offering. As such, ClearBank will provide Kraken’s retail and institutional clients seamless on and off ramping, as well as the additional security due to its deposits being held at the Bank of England.
With the recent granting of a UK Electronic Money Institution (EMI) licence to Kraken’s legal entity, Payward Services, ClearBank becomes the digital assets platform’s primary UK bank, and will be supporting them as they scale up their UK licence. ClearBank is already supporting Crypto Facilities Limited, an FCA-regulated investment firm also part of the Kraken Group, with client money accounts.
Together, both companies are striving to launch regional clearing services in early 2025. They are also exploring additional opportunities to scale the partnership, enabling Kraken to offer new and exciting products and services to its clients.
