SynapseFi provides funding for one of our deposit methods available to US residents. Synapse funding supports domestic USD Fedwire transfers and is only available to eligible US clients. This unique offering allows you to use your Kraken documents* to establish an individual or business checking bank account with them for sending deposits.
* Note: All documents and information sent to SynapseFi must pass their verification as well as Kraken's. Documents verified by Kraken may not be accepted by SynapseFi.
- Your Kraken account must be verified to the Intermediate or Pro level with a US Government issued Photo ID. Additional document verification may be required.
- You must be a U.S tax payer with U.S Residency outside of California, Montana, Utah and Missouri.
- The address you verify with must not be a P.O Box and must receive mail.
- Only one Kraken account is permitted to have a Synapse account per Tax I.D.
- Synapse is only available within the kraken website and is not available in any app.
- For corporate clients, the business must not have a parent company UBO.
Withdrawals: In order to send a withdrawal via Synapse your institution’s wire instructions must be entered in your Kraken account in order for a Domestic Wire to be sent out to your bank.
Synapse imposes their own daily; monthly; and annual funding limits, which are different than the limits set by Kraken.
Synapse does not accept ACH transfers nor does it accept deposits from Third Party Payment Processors or most Brokerages.
In order to get your account at Synapse set up you must first activate Synapse.
- Sign into your account at https://www.kraken.com. The Synapse funding method is not available on the Kraken app.
- Navigate to Funding at the top of the page.
- Select the Deposit button and use the Search bar to find the asset you wish to deposit.
- Find US Dollar (USD) and select it.
- Select Synapse (Wire, additional verifications) from the drop down menu for deposit method and click the Activate button. If your Kraken account is set up in Texas you will not have a drop down menu and can simply click the Activate button.
If the Activate button is not present then Synapse has already been activated.
Your documents will be sent to Synapse for review, which can take up to one full business day.
Currently, the deposit page is where you will see the status of your Synapse account. If you see an error on this deposit page you will not be able to deposit or withdraw. If you experience an error, please contact Kraken Support. If you see an account and routing number then you are approved to transmit funds.
Your account at Synapse may become unverified at a later point for a variety of reasons, such as technical issues or due to documents requiring re-validation. You should check the deposit page each time you attempt to transfer funds in the event funding instructions update or your Synapse account is no longer verified.
- Once your documents have been approved you will be able to move onto funding with cash via deposits or withdrawals (see below)
Visit our frequently asked questions article if you have additional questions.