Kraken Acquires US Federal Reserve Master Account, Paving the Way for Cryptocurrency Firms to Access Banking Payment Networks

In a historic first for the cryptocurrency sector, Kraken Financial, the banking division of major US cryptocurrency exchange Kraken, has obtained a master account from the US Federal Reserve System (FRB), as revealed on the 4th. With the acquisition of the master account, Kraken can now access FRB-provided payment services such as Fedwire and ACH directly, without the need for intermediary private banks. This development enables more efficient operations and cost reductions. The approval, granted in 2020...