We are pleased to announce a new USD funding option for US residents (domestic wire) through MVB Bank.
With the news, Kraken now offers 7 different USD funding options to US residents, furthering its strategy of offering clients choice and redundancy in payment options.
We are recommending that US residents switch over to the new funding method as soon as possible, as it will offer the fastest and smoothest experience for most clients. However, clients who typically fund their accounts with very large transactions should check with their account manager, as they may already be using the best funding option for their situation.
Commenting on the new funding option, Kraken Chief Operating Officer David Ripley said:
“We are excited to offer this new USD funding method, and think it will prove to be one the best funding methods for our US clients. MVB Bank is an ideal banking partner for us in many ways, including their deep commitment to supporting innovative financial companies in the Fintech sector.”
Using the new funding method is simple and immediate – US clients already verified for fiat funding only need to navigate to the USD deposit or withdrawal page in their account and select the “MVB Bank (Wire)” option.
What are the fees?
- Deposit fee: $4 USD per domestic wire
- Withdrawal fee: $4 USD per domestic wire
What are the minimum and maximum amounts?
- Minimum deposit/withdrawal: $20
- Maximum deposit/withdrawal: Depends on the account, clients should see the maximums shown on the MVB deposit/withdrawal pages in their account.
Funding through MVB Bank is available in every US state that Kraken operates in, except for Texas. Texas residents should choose from one of our 6 alternative USD funding methods.
About MVB Bank
Formed in 1997, MVB Bank is FDIC insured and chartered under the laws of the State of West Virginia. MVB Bank is a subsidiary of MVB Financial Corp., which is publicly traded on the Nasdaq Capital Market® under the symbol MVBF. MVB Bank, Inc., and the Bank’s subsidiaries, the MVB Community Development Corporation, Chartwell Compliance and Paladin, provide financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. Chartwell Compliance is one of the world’s leading specialist firms in state and federal compliance and market entry facilitation for firms entering into or expanding in North America, serving many of the most high-profile providers of the Fintech industry.