Kraken's banking unit has gained access to the U.S. Federal Reserve's payments system via a limited-purpose account. This development highlights the crypto sector's increasing integration into mainstream finance, attracting institutional investor interest.
"As we know, the payments landscape is actively evolving," stated Kansas City Fed President Jeff Schmid. "Throughout this transformation, the integrity and stability of the U.S. payments system remain our priority."
The account is approved for an initial one-year term.