Crypto exchange Kraken has become the latest firm to answer calls from US President Donald Trump to back his “Trump Accounts” initiative, a savings program aimed at American children under the age of 18.
The development was announced Monday by Cynthia Lummis, who said Kraken will fund all Trump Accounts opened for newborns in Wyoming.
“Grateful to Kraken for their commitment to Wyoming’s next generation and to the Cowboy State’s economic future,” Lummis said.
Kraken co-CEO Dave Ripley explained that the company’s decision was driven by Wyoming’s supportive regulatory environment. The state also serves as the exchange’s global headquarters.
“We picked Wyoming as our global HQ because it leads with thoughtful, responsible crypto policy,” Ripley said. “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.”
In a blog post, Kraken said the Wyoming government played a key role in enabling the company to become the first Special Purpose Depository Institution (SPDI) in the United States. The exchange also commended the state for supporting the launch of the Frontier Stable Token.
Trump Accounts are a newly introduced US savings vehicle that parents or legal guardians can open for children under 18. As part of a pilot initiative, the federal government will contribute $1,000 to each account for children born between Jan. 1, 2025, and Dec. 31, 2028.
Several traditional finance giants — including JPMorgan, Bank of America and Wells Fargo — have expressed varying levels of support for the program, alongside other major institutions.
Kraken did not disclose how much it plans to contribute per eligible newborn. Cointelegraph has contacted the company for further comment.
Crypto firms give back amid supportive state policies
Kraken is not the only crypto-related company making community-focused moves this month.
Last week, blockchain-based prediction market platform Polymarket opened a free grocery store in New York City and pledged to donate 3 million meals across the five boroughs.
The store operated from Thursday through Sunday, followed by a food donation drive on Monday, during which residents were invited to contribute groceries for redistribution throughout the city.
The move from Polymarket followed a similar move by prediction-market competitor Kalshi, which offered a $50 grocery giveaway to over 1,000 Manhattan residents on Feb. 3.
