Kraken has been chosen by the U.S. Division of Commerce to facilitate a groundbreaking initiative unveiled this morning by President Donald Trump and Secretary Howard Lutnick. The initiative, which is able to distribute U.S. gross home product (GDP) information on 9 main public blockchains, marks a milestone in the usage of blockchain expertise to reinforce transparency in financial information.
As a part of this historic effort, Kraken has onboarded the Division of Commerce as a shopper and helped the division procure cryptocurrencies — together with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Stellar (XLM), Polygon (POL) and Tron (TRX) — to pay for the transaction charges required for publishing cryptographic proofs of GDP information.
By recording hashes of this crucial financial data onchain, the Division of Commerce is making certain that U.S. GDP information is verifiable, tamper-resistant and globally accessible. This units a brand new customary for transparency in authorities reporting.
“This can be a landmark second for each our business and our nation,” mentioned Arjun Sethi, Kraken co-CEO. “We commend President Trump and Secretary Lutnick for his or her imaginative and prescient in bringing this initiative to life, and we’re honored to play a job in its execution. By harnessing blockchain expertise to distribute GDP information, the U.S. is setting a world instance of how transparency, belief and innovation can come collectively to drive progress.”
“At present’s announcement is a robust instance of how authorities and business can work collectively to advance innovation throughout the worldwide financial system,” mentioned Jonathan Jacyhm, Kraken International Head of Coverage and Authorities Relations. “The message is evident: Blockchain expertise isn’t just the way forward for monetary infrastructure, it’s now turning into the current.”
The initiative displays the Trump Administration’s broader dedication to integrating blockchain expertise into crucial authorities features, reinforcing the US place as a world chief in digital innovation. It additionally marks a milestone for a G7 financial system utilizing public blockchains to disseminate official financial statistics.
Kraken stays dedicated to offering safe, dependable and environment friendly providers to help the Division of Commerce on this venture and any future initiatives.
