Kraken Secures Federal Reserve Master Account: WSJ
Kraken Financial obtained a master account from the Kansas City Fed, granting direct access to Fed payment systems.Summary
Kraken Financial, the banking unit of cryptocurrency exchange Kraken, has secured a master account from the US Federal Reserve Bank of Kansas City, marking a significant milestone for the crypto industry. This approval grants Kraken direct access to the Fed’s key payment systems, allowing it to move money on the same infrastructure used by traditional banks and credit unions. However, the approval does not confer the full suite of services available to banks, such as earning interest on reserves held at the central bank. Industry observers view this as a "historic shift" and a sign that the Fed recognizes Kraken's anti-money laundering and compliance practices, as well as the regulatory framework of Wyoming's special purpose depository institutions.
(Source：Cointelegraph)