The approval lets Kraken speed up deposits and withdrawals for large traders and institutional clients, but is limited.

The Kraken Fed Master account approval marks a milestone for the industry as crypto continues to gain mainstream adoption.

Kraken Financial has secured a limited-access Federal Reserve master account, gaining direct access to Fed payment systems without full banking privileges.

The U.S. Federal Reserve took a first step toward establishing a more limited version of its so-called master accounts, welcoming input on how the central bank might formulate "payment accounts" that ...