Financial Infrastructure

Business

Federal Reserve Grants First Direct Payment System Access to Crypto Firm in Watershed Move

In a landmark decision, the Federal Reserve Bank of Kansas City has approved a limited 'master account' for Kraken Financial, marking the first time a cryptocurrency company gains direct access to the core Fedwire payment network. This move, long sought by the digital asset industry, promises faster transactions and reduced costs while intensifying debates over the integration of crypto into the traditional financial infrastructure.