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Quick market read from this story
Kraken's banking unit secured Federal Reserve master account access
This grants direct access to the Fed's core payment systems
The account has limitations, similar to the Fed's 'skinny' master account proposal
This move improves fiat deposit and withdrawal efficiency for digital asset markets.
Deep Dive
Crypto exchange Kraken's banking unit, Kraken Financial, has received approval for a Federal Reserve "master account," granting it access to the central bank's core payment systems. This development, reported by the Wall Street Journal, was overseen by the Federal Reserve Bank of Kansas City and Kraken's parent company, Payward.
According to Kraken co-chief executive Arjun Sethi, this approval will enhance the reliability and efficiency of moving fiat deposits into and out of digital-asset markets.
A Federal Reserve master account allows regulated depository institutions to hold balances at a regional Federal Reserve bank. However, Kraken Financial's account comes with certain limitations, including not offering interest on reserves held at the central bank. This is consistent with the "skinny" master account concept proposed by the Fed's board of governors in October of the previous year.
Fed Governor Christopher J. Waller had previously suggested that such accounts could benefit firms focused on payments innovation, providing a tailored solution for those engaged in substantial payment activities without needing the full suite of Federal Reserve financial services.
This move by Kraken aligns with a growing trend of crypto firms seeking integration with the traditional financial system. Several companies, including Circle, Ripple, Paxos, the Stripe-owned Bridge, and Crypto.com, have previously obtained conditional approval for national trust bank charters from the Office of the Comptroller of the Currency (OCC). These charters permit them to offer services such as federally regulated digital asset custody, staking, and trade settlement.
Other crypto entities like Coinbase and stablecoin issuer World Liberty Financial have also submitted similar applications. The latter faced scrutiny from House Democrats due to potential national security concerns linked to its association with U.S. President Donald Trump's family.
The increasing number of applications has also drawn criticism from traditional banking groups. The American Bankers Association has urged the OCC to slow down the approval process for crypto-related bank charters until Congress establishes clear regulatory frameworks.
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