Kraken Backs Wyoming Trump Accounts Program, Points to Pro-Crypto Policies
The cryptocurrency exchange, which operates from Wyoming, announced its intention to support the state that welcomed it, crediting Wyoming's measured and sensible regulatory framework for digital assets.
Digital asset platform Kraken has joined a growing list of corporations responding to US President Donald Trump's initiative to back his "Trump Accounts" program, which establishes savings plans specifically designed for American youth who are younger than 18 years old.
The announcement came through Wyoming Senator Cynthia Lummis on Monday, with the Republican lawmaker revealing that Kraken has committed to financially backing every Trump Account established for babies born within Wyoming's borders.
Grateful to Kraken for their commitment to Wyoming's next generation and to the Cowboy State's economic future.
Dave Ripley, serving as co-CEO of Kraken, explained that the company's decision to fund Trump Accounts in Wyoming stems from the favorable regulatory environment the state has cultivated, which also hosts the company's main operational base.
We picked Wyoming as our global HQ because it leads with thoughtful, responsible crypto policy. We want to keep investing back in the community we call home. Starting early matters, and innovation should make long-term financial opportunity more accessible and affordable.
Through a company blog post, Kraken acknowledged that Wyoming's government facilitated the platform's historic achievement of becoming the first Special Purpose Depository Institution in the United States, while also commending the state's contributions to the development and introduction of the Frontier Stable Token.
The Trump Accounts represent a novel retirement savings vehicle in the United States that parents or those with legal guardianship can open for minors under the age of 18. Through an initial pilot initiative, the US federal government plans to provide a $1,000 initial deposit for Trump Accounts opened for any child whose birth occurs between Jan. 1, 2025, and Dec. 31, 2028.
To date, major players in traditional banking including JPMorgan, Bank of America and Wells Fargo have each committed to supporting Trump Accounts through different means, joining numerous other prominent brands in backing the initiative.
The specific dollar amount Kraken will allocate to each qualifying newborn has not been disclosed by the company. Cointelegraph has reached out to Kraken for comment.
Crypto firms give back amid state support
Kraken's initiative represents just one example among several crypto-focused companies that have recently contributed to their local communities this month.
During the previous week, Polymarket, a prediction market platform built on blockchain technology, launched a complimentary grocery store in New York City while pledging to provide 3 million meals throughout the city's five boroughs.
Operating hours for the store ran from Thursday through Sunday of last week, culminating in a food donation event on Monday, during which community members could contribute food items for redistribution to residents throughout the city.
Polymarket's charitable initiative mirrored an earlier effort by Kalshi, a competing prediction market service, which distributed $50 worth of free groceries to more than 1,000 residents of Manhattan on Feb. 3.