Kraken's co-CEOs will acquire a small Wyoming bank for $5.5 million.

CoinFeed reported on June 5th that, according to the Bank Reg Blog, Kraken co-CEO Arjun Sethi has signed an agreement to acquire Summit National Bank, a small Wyoming bank currently in bankruptcy proceedings, for $5.5 million. The bank had previously faced several failed sales attempts. Economist David Beckworth inquired whether this move would affect Kraken's streamlined Federal Reserve master account pilot program and whether the acquisition would convert the streamlined accounts into regular accounts. The Bank Reg Blog responded that it does not expect a direct impact; while the bank does have regular master accounts, the transaction is being conducted in Sethi's personal name, not through Kraken's ownership of the bank.