Kraken wins approval for US Fed 'master account'

Kraken Financial, the banking division of U.S. cryptocurrency exchange Kraken, has won approval for a "master account" with the U.S. Federal Reserve, giving it access to the central bank's core payment system, The Wall Street Journal (WSJ) reported. The approval allows Kraken to move funds on the same payment rails used by thousands of banks and credit unions, making it the first cryptocurrency company to gain such access. In response, Wyoming Republican Senator Cynthia Lummis described the move as a watershed milestone in the history of digital assets.