Kraken Secures Direct Access to Federal Reserve Payments System

Kraken has made history by becoming the first crypto firm to gain access to the Federal Reserve's core payments system. This achievement is a result of its Wyoming-chartered banking arm, Kraken Financial, obtaining a 'master account' at the Fed.

The master account allows Kraken to settle U.S. dollar transactions directly through the Fed's infrastructure, bypassing intermediary banks. This direct settlement capability could enable Kraken to handle transactions more quickly and seamlessly for institutional clients and professional traders.