Kraken wins landmark approval to operate on Fed’s core payment systems

Kraken, through its banking arm Kraken Financial, has achieved a significant milestone by gaining a master account with the Federal Reserve, enabling it to operate on the same core payment infrastructure used by traditional banks. Although it will not receive the full range of Fed services, this approval is a major step for the crypto sector after previous unsuccessful attempts to access Fed infrastructure. This direct access is expected to facilitate faster, more reliable fund transfers for Kraken's institutional clients and professional traders, lessening dependence on intermediary banks. The development aligns with the Trump administration's efforts to foster a clearer legal framework and position the U.S. as a hub for digital assets. Kraken previously obtained a bank charter in Wyoming in 2020 for its Kraken Financial entity.

(Source：Crypto Briefing)