Donald Trump's Evolving Stance on Cryptocurrency (1:56)
Another major U.S. crypto trading exchange has joined the expanding list of digital asset firms backing “Trump Accounts.”
Trump Accounts are state-backed or privately sponsored savings accounts created for newborns, designed to promote long-term wealth building through early capital contributions, often supported by crypto firms and financial sponsors.
The initiative was established through the One Big Beautiful Bill Act (OBBBA). Under the program, children born between 2025 and 2028 will receive an initial $1,000 contribution from the government.
However, crypto products, including spot Bitcoin ETFs, Ethereum ETFs, and tokenized assets, are not included for now.
Related: Largest U.S. crypto exchange announces support for Trump Accounts
Kraken backs newborn savings initiative
Popular cryptocurrency exchange Kraken announced on Feb 16 that it will sponsor Trump Accounts for every child born in Wyoming in 2026.
The move puts Kraken alongside a growing number of crypto industry players supporting the initiative, such as Coinbase (NASDAQ: COIN) and Robinhood (NASDAQ: HOOD).
In a blog post, Kraken said the sponsorship reflects its belief that the United States should continue modernizing financial services by expanding access and encouraging broader participation in long-term wealth building.
“This commitment reflects our belief that the United States should continue modernizing financial services by expanding access, strengthening participation, and giving more Americans a simple pathway to benefit from long-term compounding.”
Kraken Co-CEO Arjun Sethi framed the initiative as a long-term investment rather than a one-time gesture.
“This is not a gift. It is an investment in Wyoming’s future,” Sethi said. “We chose Wyoming as our global headquarters because it leads the country in thoughtful crypto innovation and regulation.”
He added that seeding accounts for newborns reinforces Wyoming’s status as what he described as “America’s home for responsible crypto leadership.”
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Wyoming’s crypto-friendly reputation
Wyoming has built a reputation as one of the most crypto-friendly states in the U.S. It chartered Kraken Financial as the nation’s first Special Purpose Depository Institution (SPDI) and has advanced blockchain-focused legislation in recent years.
The state has also launched initiatives such as the Frontier Stable Token (FRNT) stablecoin in collaboration with Franklin Templeton.
Wyoming Sen. Cynthia Lummis welcomed Kraken’s sponsorship, calling it a meaningful investment in the state’s next generation.
“This investment in the next generation will ensure children in Wyoming have a financial head start.”
As more crypto firms align themselves with Trump Accounts and similar initiatives, the program appears to be gaining traction within parts of the digital asset industry.
Related: Kraken expands beyond crypto, offers U.S. stocks and ETFs trading commission-free