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Kraken wins Federal Reserve Master Account in industry first

Kraken Financial, the banking subsidiary of the Kraken cryptocurrency exchange, has secured a limited-purpose Federal Reserve master account from the Federal Reserve Bank of Kansas City. This makes it the first crypto-native firm to gain direct access to the U.S. central bank's core payment infrastructure. The account, approved for an initial one-year term, allows Kraken to process fiat currency deposits and withdrawals for digital-asset trading without relying on intermediary banks. The approval is subject to restrictions and enhanced scrutiny, as Kraken is classified as a Tier 3 entity under the Fed's framework. This decision marks a significant, though cautious, step by the Federal Reserve, contrasting with its previous denial of a similar application from Custodia Bank in 2023.

ambcrypto03/04 15:13