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Cryptocurrency Exchange Kraken Adds New Banking Option for US Users

Kraken's U.S. customers can now make wire transfers from their accounts at MDV Bank to fund purchases of cryptocurrency.

Updated May 9, 2023, 3:09 a.m. Published Jul 8, 2020, 9:01 a.m.

Cryptocurrency exchange Kraken has added a new bank to its funding options for U.S.-based customers.

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Users can now make bank wire transfers from their accounts at MVB Bank to fund purchases of cryptocurrency with U.S. dollars, the exchange said Tuesday.
The addition brings the total number of U.S funding options to seven.
Kraken recommends its users switch to the new service, saying funding would be faster with MVB.
The minimum deposit and withdrawal limits have been set at $20, with maximum limits dependent on the user's account level on Kraken.
The existing six USD funding options include SWIFT transfers through Signature Bank and Etana Custody, FedWire through Signature and Etana, and the normal FedWire funding option. Businesses can also tap Silvergate Exchange Network.
Insured by the Federal Deposit Insurance Corporation, MVB Bank was formed in 1997 and is chartered under West Virginia state law.
InCore Bank AG became the first Swiss financial institution to offer euro banking services to Kraken clients last Friday.