Kraken Breaks Banking Barrier: First Crypto Firm to Plug Directly Into the Fed
Kraken Financial secured a Federal Reserve master account, becoming the first crypto firm to directly access the Fed's core payment infrastructure.Summary
Crypto exchange Kraken has achieved a significant milestone by becoming the first digital asset company to gain direct access to the Federal Reserve's core payments infrastructure through its Wyoming-chartered banking arm, Kraken Financial. This access, granted via a "master account," allows the firm to settle U.S. dollar transactions directly through the Fed's rails, bypassing intermediary banks. While Kraken Financial does not receive all services of traditional banks, this breakthrough significantly advances its vision of bridging the crypto economy with traditional finance, potentially reducing counterparty risk and operational friction for institutional clients. This development follows Kraken obtaining a Special Purpose Depository Institution (SPDI) charter in 2020 and strengthens its position ahead of an anticipated initial public offering (IPO).
(Source：BeInCrypto)