Crypto exchange Kraken has become the latest company to heed calls from US President Donald Trump to support his “Trump Accounts,” a savings plan aimed at American children under the age of 18.
The move was first announced by Wyoming Senator Cynthia Lummis on Monday, with the Republican official stating that Kraken would provide funding toward all Trump Accounts created for newborns in the state of Wyoming.
“Grateful to Kraken for their commitment to Wyoming’s next generation and to the Cowboy State’s economic future,” she said.
Kraken’s co-CEO Dave Ripley said the firm chose to support Trump Accounts in Wyoming due to the positive regulatory climate in the state, home to the firm’s headquarters.
“We picked Wyoming as our global HQ because it leads with thoughtful, responsible crypto policy. We want to keep investing back in the community we call home. Starting early matters, and innovation should make long-term financial opportunity more accessible and affordable,” he said.
Source: Dave Ripley
In a blog post, Kraken said that the Wyoming government enabled the firm to become the US’s first Special Purpose Depository Institution and praised it for its work on helping launch the Frontier Stable Token.
Trump Accounts are a new type of retirement account in the US that can be established by parents or legal guardians for children under 18. Under a pilot program, the federal government will seed Trump Accounts with $1,000 for any child born between Jan. 1, 2025, and Dec. 31, 2028.
So far, traditional finance heavyweights such as JPMorgan, Bank of America and Wells Fargo have all put support behind Trump Accounts in varying degrees, alongside several other well-known names.
Kraken did not share how much funding it would contribute to each eligible newborn. Cointelegraph has reached out to Kraken for comment.
Crypto firms give back amid state support
This isn’t the only crypto-related firm to give back to its home state this month.
Last week, blockchain-based prediction market platform Polymarket opened a free grocery store in New York City and said it would donate 3 million meals across the five boroughs.
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The store was open from Thursday to Sunday last week, followed by a food donation day on Monday, when people could donate food to be redistributed across the city.
Source: Polymarket
The move from Polymarket followed a similar move by prediction market competitor Kalshi, with the platform offering a $50 grocery giveaway to over 1,000 Manhattan residents on Feb. 3.
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