Kraken Gains Access to Federal Reserve Payment System in First for Crypto Firm
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Kraken Financial secures a master account with the U.S. Federal Reserve, allowing direct access to payment rails for faster transactions. This marks a milestone for crypto firms integrating with traditional banking, raising speculation about Ripple pursuing similar access.
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- Kraken Financial secures Fed master account, enabling direct access to U.S. payment rails.
- Approval allows faster transactions but excludes interest on reserves and Fed lending access.
- Kraken breakthrough sparks speculation that Ripple could pursue similar banking integration.
Kraken’s banking arm has secured access to the U.S. Federal Reserve’s core payment infrastructure, marking a major development in the relationship between digital asset companies and the traditional banking system.
The approval grants Kraken Financial a master account at the Federal Reserve, enabling the firm to move funds through the same payment networks used by thousands of banks and credit unions across the United States.
The decision represents one of the first instances in which a cryptocurrency-related institution has been allowed to connect directly to the central bank’s paym…
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