The cryptocurrency exchange plans to serve institutional and retail clients who require custody and management services for digital assets at a banking level. Kraken will utilize its existing infrastructure and risk management system. Previously, the U.S. banking regulator conditionally approved similar applications from Coinbase and Ripple. However, a banking group that includes JPMorgan, Goldman Sachs, and Bank of America is considering filing a lawsuit against the OCC. They aim to prevent the issuance of such licenses to crypto and fintech companies.