Cryptocurrency exchange Kraken's banking unit has secured access to the Federal Reserve's core payment systems, according to a report. This development will enable Kraken Financial to process transactions more rapidly for its institutional and professional clients.
The move highlights the crypto industry's expanding presence in traditional finance, attracting significant interest from institutional investors. Kraken's approval allows it to utilize the same payment infrastructure employed by numerous banks and credit unions.
Neither the U.S. Federal Reserve nor Kraken immediately responded to requests for comment.