Embedded finance firm ClearBank has bolstered its position in the crypto market through a partnership supporting the British operations of US exchange Kraken.
ClearBank will provide GBP clearing services – managing, verifying and securing pound-based transactions – for Kraken’s UK clients. The partnership comes weeks after Kraken secured an EMI licence via its legal entity Payward Services, allowing the San Francisco company to issue electronic money.
The new partnership positions the London fintech as Kraken’s primary UK bank having already provided client money accounts for Crypto Facilities Limited, an FCA-regulated investment subsidiary of Kraken Group.
“To unleash the potential of cryptocurrency and drive mainstream adoption, the underlying banking infrastructure must be robust,” said Kaushik Sthankiya, global head of banking and payments at Kraken.
“This is why we have partnered with ClearBank, whose battle-tested, cloud-based API technology and commitment to innovation matches Kraken’s vision of growing crypto adoption and financial freedom.”
As Kraken’s dominant banking partner, ClearBank has strengthened its footing in digital assets, having already secured an agreement to provide embedded banking services to Gemini, the New York-based cryptoasset platform founded by Cameron and Tyler Winklevoss.
“We now work with some of the largest companies and exchanges in the market and with Kraken, we are pleased to further grow our presence in the rapidly expanding world of digital assets,” said ClearBank chief customer officer John Salter.
“Both ClearBank and Kraken are culturally aligned and have similar ambitious long-term growth plans and we look forward to working with them to provide a range of new products and services to further delight their customers.”
Kraken is the 13th largest crypto platform in the world by trading volume, facilitating over $1.5bn of transactions.
Last month, ClearBank co-founder Charles McManus stepped down as CEO after nine years.
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