Story perspectives

Kraken Financial Secures Direct Access to Fed Payment System

3/4/2026

Summary

Story summary

Kraken Financial has become the first digital asset bank to gain direct access to the Federal Reserve's payment systems through a limited-purpose master account.
The master account lets Kraken Financial process Fedwire transactions, speeding fiat transfers for institutional clients, without the full range of traditional banking services.
Traditional banks have raised concerns about risks to the U.S. payment system due to Kraken's access, according to Kraken's co-CEO Arjun Sethi.

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Story summary

Kraken Financial has become the first digital asset bank to gain direct access to the Federal Reserve's payment systems through a limited-purpose master account.
The master account lets Kraken Financial process Fedwire transactions, speeding fiat transfers for institutional clients, without the full range of traditional banking services.
Traditional banks have raised concerns about risks to the U.S. payment system due to Kraken's access, according to Kraken's co-CEO Arjun Sethi.