Kraken wins Kansas City Fed approval for limited master account: WSJ

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, The Wall Street Journal reported Wednesday.

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 The WSJ.

The Federal Reserve Bank of Kansas City, which oversaw its application, and Kraken, trading as Payward, are expected to announce the approval Wednesday.

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