 ▲ $1,000 Support for Newborns! Kraken Officially Backs Trump Accounts / ChatGPT-Generated Image |
U.S. cryptocurrency exchange Kraken has officially backed the “Trump Accounts” initiative promoted by President Donald Trump, strengthening its alliance with the crypto-friendly state of Wyoming.
According to investment media outlet FXStreet on February 17 (local time), Wyoming Senator Cynthia Lummis announced that Kraken will fund all Trump Accounts opened for newborns in the state. Trump Accounts are a new type of savings and retirement account that parents or legal guardians can open for children under the age of 18. Through a pilot program, the federal government will provide $1,000 in seed funding to children born between January 1, 2025, and December 31, 2028.
Kraken Co-CEO Dave Ripley cited “prudent and responsible cryptocurrency policy” as the reason for choosing Wyoming as the company’s global headquarters. He stated that innovation should make long-term financial opportunities more accessible and affordable, expressing the company’s commitment to reinvest in local communities. However, he did not disclose the specific amount of support per newborn.
In a blog post, Kraken highlighted that Wyoming approved the company as the first Special Purpose Depository Institution (SPDI) in the United States and praised the state government’s role in supporting the launch of the Frontier Stable Token. Traditional financial giants such as JPMorgan, Bank of America, and Wells Fargo are also participating in Trump Accounts in various capacities.
This month has also seen continued “community reinvestment” efforts by crypto firms. Blockchain-based prediction market platform Polymarket opened a free grocery store in New York and announced plans to donate a total of three million meals across the city’s five boroughs. The store operated from Thursday to Sunday last week, followed by a donation event to redistribute groceries.
Competing prediction market platform Kalshi also provided $50 worth of groceries to more than 1,000 Manhattan residents on February 3. A clear trend is emerging in which cryptocurrency and prediction market companies—having grown on the back of state-level institutional support—are expanding their contributions to local communities.
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