Kraken is the first crypto firm in the US to gain a master account at the Fed for professional and corporate clients.
Kraken has secured access to the Federal Reserve’s core payment systems through a master account for its banking arm, Kraken Financial, allowing it to move money on the same infrastructure used by traditional banks and credit unions, the company told The Wall Street Journal.
While the firm will not receive the full suite of Fed services, the approval is a major milestone for the crypto sector after many failed attempts to tap into Fed infrastructure.
The development arrives as the Trump administration pursues policies aimed at positioning the country as a global hub for digital assets.
Trump has appointed regulators viewed as supportive of the industry and backed efforts to establish a clearer legal framework for crypto businesses.
Direct Fed access could enable faster, more reliable fund transfers for institutional clients and professional traders, reducing reliance on intermediary banks.
The move may also encourage other crypto-focused financial institutions to pursue similar arrangements as regulators grow more receptive to industry participation in legacy payment networks.
Kraken previously made history as the first US crypto exchange to receive a bank charter when Wyoming approved its Special Purpose Depository Institution in 2020. Operating as Kraken Financial, it offers custody, deposit-taking, and fiduciary services for digital assets, linking crypto to conventional banking.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
