Kraken Secures Access to Fed’s Core Payment Systems: WSJ

Decrypt

by Stephen Graves

March 4, 2026

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Kraken Secures Access to Fed’s Core Payment Systems: WSJ

Kraken Financial, the banking arm of cryptocurrency exchange Kraken, has secured a Federal Reserve "master account," granting it access to the central bank's core payment systems. This achievement marks a milestone for crypto firms seeking integration into traditional finance. Unlike standard master accounts, Kraken's version is "skinny," meaning it lacks features such as interest on reserves and access to all Fed services. However, this streamlined account enhances reliability and efficiency in moving fiat money in and out of digital markets, aligning Kraken with traditional financial infrastructure. The move reflects a broader trend where crypto companies like Circle, Ripple, and Paxos are gaining regulatory approvals to offer bank-like services. These firms aim to bridge the gap between cryptocurrency and conventional finance, addressing inefficiencies in cross-border payments and asset custody. However, this integration is not without challenges. Kraken's "skinny" account exemplifies how regulatory bodies are tailoring access for crypto innovators, balancing innovation with traditional financial safeguards. Kraken's approval underscores its strategic positioning within the evolving financial landscape. While other crypto firms face similar limitations, their tailored access indicates a cautious yet progressive approach by regulators. This balance allows firms to innovate without overstepping into areas traditionally reserved for fully licensed banks. The significance lies in Kr

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Originally published on Decrypt on 3/4/2026