Crypto exchange Kraken vows to support “Trump Accounts” in Wyoming

Crypto exchange Kraken has vowed to support President Donald Trump’s “Trump Accounts” initiative in Wyoming.

According to the official announcement from Kraken, the crypto exchange will sponsor Trump Accounts for every child born in Wyoming in 2026 by making a financial contribution to each eligible account as part of the federal program.

For those unaware, Trump Accounts are a new type of tax-advantaged retirement account that allows parents or legal guardians to open and contribute funds for children under 18. 

Under a federal pilot program, every U.S. citizen newborn born between Jan. 1, 2025, and Dec. 31, 2028, is entitled to a one-time $1,000 seed contribution from the U.S. Treasury. These funds are invested in eligible market index funds and grow on a tax-deferred basis until the beneficiary reaches adulthood.

“By seeding accounts for every newborn in 2026, we are backing families from day one and reinforcing Wyoming’s role as America’s home for responsible crypto leadership,” Kraken Co-CEO Arjun Sethi said in a statement. 

Pro-crypto Wyoming Senator Cynthia Lummis praised Kraken’s decision to sponsor Trump Accounts in the state, adding that the investment “will ensure children in Wyoming have a financial head start.”

“I’m grateful to Kraken for their commitment to Wyoming’s next generation and to the Cowboy State’s economic future,” she added.

Kraken has not disclosed how much it will contribute to this initiative, but said the decision was driven by Wyoming’s favorable regulatory climate, where it was able to become the nation’s first Special Purpose Depository Institution under the state’s crypto-specific banking framework.

“We picked Wyoming as our global HQ because it leads with thoughtful, responsible crypto policy,” co-CEO Dave Ripley wrote in an X post.

Kraken joins Coinbase and a slew of other financial giants like JPMorgan Chase that have publicly endorsed and supported the Trump Accounts initiative.

In a similar gesture toward community support, crypto-based prediction platform Polymarket opened a temporary free grocery store in New York City, offering food assistance and pledging millions of meals for local residents.