Kraken Financial Secures Limited-Purpose Fed Master Account, Marking First for Crypto Sector

Kraken’s banking subsidiary, Kraken Financial, has obtained a limited-purpose master account from the Federal Reserve Bank of Kansas, becoming the first crypto-linked firm with this type of access. The account lets Kraken connect directly to core Fed payment rails and reduce dependence on intermediary banks, although it does not include commercial-bank privileges such as interest on reserves or Fed lending facilities. The move is seen as a key infrastructure milestone for integrating digital asset businesses into the traditional US dollar payments system and broader financial markets.