First revealed last September, Kraken is quietly hard at work gearing up to launch Kraken Bank. This exciting new venture is helping to shape the landscape for both Bitcoin and other cryptocurrency services – and the banking industry – well into the future.
While we can’t reveal all the details yet, we sat down with Kraken Bank CEO David Kinitsky to get a glimpse into how he’s leading the charge to ensure the next generation of financial firms are built with the next generation of assets in mind.
David brings more than 15 years of experience in cryptocurrency and financial services. He helped launch a streak of innovations with Grayscale, Fidelity, Circle, SecondMarket, and the private investment funds he’s managed.
He’s full of industry knowledge and always adds a colorful perspective to the conversation. Enjoy!
Hi David! You worked at some of the biggest names in the industry. How did you get into crypto, what were those experiences like?
I first came across Bitcoin when I was working at a company called SecondMarket, which would become Digital Currency Group, one of the largest players in this industry. SecondMarket built marketplaces for illiquid, esoteric, and emerging assets. Eventually we got into Bitcoin and sold the legacy business to NASDAQ.
I took the lead in setting up Grayscale, structuring it’s first and flagship product – the Bitcoin Investment Trust – and served as GM of the business, which I ran for the next couple years. Today, Grayscale is the largest digital asset manager in the world with some $25-30 billion assets under management. (Big shout out to the team over there that took the baton, executed with remarkable consistency, and grew it into the juggernaut it is today.)
I left Grayscale to join Fidelity as their first digital asset hire, helping them to develop their strategy in the crypto space. I also ran a proprietary crypto fund there as a co-portfolio manager alongside the team that now runs Castle Island…