Kraken Financial has become the first digital asset bank to receive a Federal Reserve account, giving it direct access to US payment rails including Fedwire without relying on correspondent banks.
The Kansas City Fed approved the account for Kraken Financial, a Wyoming Special Purpose Depository Institution (SPDI) and subsidiary of crypto exchange Kraken. The approval follows more than five years of regulatory engagement and comes amid a broader shift in the US regulatory environment toward digital assets under the Trump administration.
Kraken’s announcement describes the approval as a “Federal Reserve master account,” but the Kansas City Fed’s own language is more qualified. It approved a “limited purpose account” for an initial term of one year, with restrictions and limitations tailored to Kraken’s business model and risk profile. The Fed declined to disclose the specific services Kraken can access, citing confidentiality of applicant business information.
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