In this episode of Decrypt, we interview Marco Santori, a prominent figure in the blockchain industry and the President of Blockchain.com. Marco shares his insights into the innovative ways blockchain technology is disrupting traditional industries, and how his company is pioneering new solutions in the crypto space. Tune in to learn more about Marco’s journey, the latest trends in the blockchain world, and what the future holds for this exciting and rapidly evolving industry.
Kraken Looks to Expand Globally After SEC Settlement
Kraken, one of the leading cryptocurrency exchanges, was hit hard by a recent SEC settlement that forced the company to pay $30 million and stop offering staking products in the U.S. But according to the company’s Chief Legal Officer, Marco Santori, Kraken is now eager to move on and focus on expanding its customer base overseas.
While the settlement was undoubtedly a setback for the exchange, many believe that it was also a wake-up call for the entire cryptocurrency industry. As Santori himself notes, “the SEC was sending a message that they’re taking this seriously.” And with the regulatory environment becoming increasingly hostile towards cryptocurrencies, it’s clear that exchanges like Kraken will need to adapt if they want to survive.
One key way that Kraken is looking to do this is by expanding globally. The exchange has already begun to focus on attracting customers from outside of the U.S., with Santori noting that “there’s a lot of demand for staking products in places like Europe and Asia.” As such, Kraken is now actively seeking partnerships with international firms to help it expand its reach.
Of course, expanding globally is easier said than done, particularly in the crypto space. Many countries still lack clear regulatory frameworks for cryptocurrencies, and some have even banned their use entirely. However, Santori is confident that Kraken can navigate these challenges, stating that the exchange has “a lot of experience dealing with regulators all around the world.”
Ultimately, Kraken’s ability to successfully expand its business overseas may be crucial to its long-term survival. With the crypto industry facing growing scrutiny and regulation, exchanges that can’t adapt will likely fall by the wayside. But if Kraken can continue to innovate and find new ways to serve its global customer base, it may just emerge from the SEC settlement stronger than ever.