Kraken Becomes First Crypto Firm to Access Fed's Core Payments System

Kraken Financial has made history by becoming the first digital asset company to secure access to the Federal Reserve's core payments infrastructure.

The firm, which operates under a Wyoming bank charter, was granted a master account at the Fed, allowing it to directly settle U.S. dollar transactions through the central bank's system.

This achievement is significant for digital assets, as it marks a major breakthrough in accessing traditional banking systems.

Kraken Financial's direct access to the Fed's payments system reduces counterparty risk and operational friction, making it an attractive option for institutional clients and professional traders.

The approval also strengthens Kraken's positioning ahead of its anticipated initial public offering (IPO), with the firm reportedly targeting a $500 million raise at a valuation of around $15 billion.