Kraken wins Kansas City Fed approval for access to Fed payment systems
Kraken Financial has gained direct access to US Federal Reserve’s payment systems via a Kansas City Fed approval, though without full banking privileges such as interest on reserves.
US cryptocurrency exchange Kraken has become the first company to secure a master account from the US Federal Reserve.
Kraken Financial, the exchange’s banking unit, has gained access to the Fed’s key payment systems, allowing the platform to move money on the same rails used by banks and credit unions, according to an announcement on Wednesday.
The Federal Reserve Bank of Kansas City approved a limited-purpose account for Wyoming-based Payward Financial as a “Tier 3 entity,” according to a statement by the bank.
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