Kraken’s banking arm, Kraken Financial, became the first crypto firm to obtain a Federal Reserve “master account,” allowing it to access core payment systems such as Fedwire, which banks and credit unions use. This direct connection enables the company to move U.S. dollars for institutional clients more efficiently without relying on intermediary banks. While the account has more restrictions than those for full-service banks, it marks a major step toward integrating digital asset firms into the traditional financial system.
Kraken Becomes First Crypto Firm to Win Access to Fed’s Core Payments System
