Kraken Becomes First Crypto Firm Granted Access to Federal Reserve’s Core Payments System
In a landmark development for the cryptocurrency industry, Kraken’s banking unit has become the first crypto firm to gain direct access to the Federal Reserve’s core payment infrastructure. This milestone enables Kraken to process payments using the same financial rails employed by thousands of banks and credit unions across the United States.
The approval, which involves acquiring a “master account” with the Federal Reserve, marks a significant step toward integrating cryptocurrency operations with traditional financial systems. With this access, Kraken can now move funds more efficiently and securely within the U.S. payment ecosystem, potentially offering faster and more reliable services to its customers.
Access to the Federal Reserve’s payment network is typically reserved for financial institutions meeting strict regulatory and operational standards. Kraken’s achievement reflects growing acceptance of crypto firms as participants in mainstream finance and may pave the way for other digital asset companies to follow suit.
Arjun Sethi, co-chief executive of Kraken, highlighted the significance of the development, signaling a new era where cryptocurrency platforms can operate on par with established banks. Industry observers suggest this move could enhance liquidity, reduce transaction costs, and foster greater adoption of digital assets.
The integration into the Fed’s payment system underscores ongoing efforts by regulators and financial entities to bridge the gap between traditional banking and emerging blockchain technologies. As Kraken leads the way, the crypto sector edges closer to becoming a fully integrated component of the global financial infrastructure.
This report was first published by The Wall Street Journal on March 4, 2026, and authored by Alexander Osipovich and Dylan Tokar.