On March 4, the crypto industry went a step further towards integration into the mainstream financial system. The Wall Street Journal announced that the Kraken exchange became the first crypto firm to receive access to the Fed’s core payments system.
Kraken is one of the oldest and most reputable crypto exchanges globally, founded in 2011 in San Francisco.
Kraken master account access approved by the US Fed
The crypto exchange reportedly told the publication that its banking unit gained access to the Fed’s core payment systems, being able to move money via the same rails as thousands of banks and credit unions.
This approval of the master account at the Fed will allow Kraken Financial to handle transactions for big entities and pro traders more quickly and seamlessly. The Kraken unit previously relied on intermediary banks to move money.
The WSJ cited U.S. Senator Cynthia Lummis, who said that the move signifies a huge milestone in the history of digital assets.
The final approval is expected to be announced today by the Federal Reserve Bank of Kansas City and Kraken (Payward).
Previous Fed proposals
In 2025, the Fed’s board of governors proposed that payment fintechs and crypto firms be able to apply to use the Fed’s payment rails.
Despite worries from the traditional financial system, crypto companies have been looking for a green light from Trump’s regulators to enter a direct competition with banks.
In December 2025, the Office of the Comptroller of the Currency signed plans from five crypto firms, including Circle and Ripple, to establish national trust banks that:
- Allow crypto firms to offer services similar to banks, including digital asset custody
- Lack the ability to take deposits or make loans
A huge milestone for crypto adoption
The latest Kraken achievement marks an important milestone in global crypto adoption, especially amidst efforts from the US President to implement a clearer industry structure and make a good deal with the ecosystem.
The “Big Banks”—the very institutions that have held a monopoly and screwed their customers for years, offering near-zero yields on retail Money Market Accounts while crushing low-balance accounts with exorbitant fees—are now doing everything they can to block the Crypto industry… pic.twitter.com/kWXIvt1alK
— Eric Trump (@EricTrump) March 3, 2026
On March 4, the crypto market is seeing a rebound with Bitcoin rallying above $71,000, showing its resilience despite the current geopolitical tensions.
BTC is up by 7% in the past 24 hours.
