[Kraken Co-CEO to Acquire a Small Wyoming Bank for $5.5 Million] According to Bank Reg Blog, Kraken Co-CEO Arjun Sethi has signed an agreement to acquire Summit National Bank, a small Wyoming bank undergoing bankruptcy proceedings, for $5.5 million. The bank had previously experienced multiple failed sale transactions. Economist David Beckworth questioned whether this move would impact Kraken's streamlined Federal Reserve master account pilot program and whether the acquisition would convert the streamlined account into a regular account. Bank Reg Blog responded that no direct impact is expected, as the bank does indeed hold a regular master account, but the transaction is being conducted in Sethi's personal capacity, not under Kraken's ownership of the bank.