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Crypto exchange Kraken said it became the first #Crypto firm to gain direct access to the Federal Reserve’s core payments system, a privilege typically reserved only for banks, allowing it to move money for clients without relying on a bank.
The approval signals the Federal Reserve’s willingness to integrate crypto companies more directly into the financial system, a move that will address crypto platforms’ long-running challenges of getting banking services that can hold deposits and process payments. But it has drawn pushback from banks. The Federal Reserve Bank of Kansas City said it approved a “limited purpose” account for Kraken for an initial term of one year.
The Fed is currently deliberating creating a new type of account that would provide basic payment services to crypto and fintech firms, which will reduce their dependency on banks.
https://blog.kraken.com/n..
