%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptoprowl.com / Kraken has become the first cryptocurrency firm to secure a "master account" from the U.S. Federal Reserve. The account gives privately held Kraken's banking arm direct access to the U.S. central bank's payments system and allows it to operate on the same rails as banks and other traditional financial institutions. Kraken, which operates primarily as a cryptocurrency exchange, said its financial unit received approval for a Federal Reserve master account, giving it access to Fedwire, a major interbank payment network that processes trillions of dollars in transfers each day. Until now, Kraken had to rely on partner banks to send or receive U.S. dollars. Direct access allows Kraken to now settle payments itself, which should speed up deposits and withdrawals. However, Kraken's access to the Federal Reserve's system is limited. Kraken still does not have access to the full set of services available to U.S. banks. The crypto firm also cannot earn interest on reserves and cannot tap into the Fed's emergency lending. Still, news of the Federal Reserve master account comes as Kraken, which was founded in 2011, prepares to hold its initial public offering (IPO). An exact date for the IPO has not been set but is expected to occur sometime in 2026.