U.S.-based cryptocurrency exchange Kraken has partnered with ClearBank, a regulated full-service clearing bank in the United Kingdom, to offer GBP clearing services for its clients across the UK. The move marks another strategic step in Kraken’s efforts to deepen its presence in Europe’s financial hubs.
According to an official press release, ClearBank will now serve as Kraken’s primary banking partner in the UK, enabling smooth pound-based services for local customers. The partnership follows Kraken’s recent acquisition of an Electronic Money Institution (EMI) license through its local entity, Payward Services.
“Kraken and ClearBank share similar ambitious long-term growth plans,” said John Salter, Chief Customer Officer at ClearBank. “We’re excited to support Kraken’s next phase of expansion in the UK.”
Strengthening UK Infrastructure for Crypto Services
This collaboration isn’t ClearBank’s first foray into the crypto space. The bank previously supported Crypto Facilities Limited, an FCA-regulated investment firm under the Kraken Group umbrella. Additionally, ClearBank made headlines in 2018 when it teamed up with the now-defunct London Block Exchange, allowing UK-based users to trade crypto without transferring funds abroad.
With Kraken’s local operations growing, this latest partnership with ClearBank will streamline GBP payments, settlements, and client money management, offering increased speed, transparency, and compliance for users within the region.
IPO and Expansion on the Horizon
Kraken’s enhanced banking infrastructure comes amid reports that the exchange is exploring a debt raise of up to $1 billion, working alongside investment giants Goldman Sachs and JPMorgan Chase. The funding — expected to range between $200 million and $1 billion — will be used to fuel expansion rather than cover operational expenses, potentially paving the way for a future IPO.
As the global regulatory landscape evolves, Kraken’s investment in robust partnerships like this one with ClearBank signals a broader push for institutional readiness and market maturity in key regions.
With increased banking support, regulatory compliance, and ambitious financial planning, Kraken is positioning itself as a leader among global crypto exchanges eyeing long-term growth in regulated environments.
