Kraken Financial Secures Federal Reserve Master Account

The Wall Street Journal reported Wednesday that Kraken Financial has become the first company to secure a master account with the US Federal Reserve. The Federal Reserve Bank of Kansas City oversaw the application. Kraken’s banking unit, trading as Payward, will gain access to the Fed’s key payment systems and be able to move money on the same rails used by banks and credit unions.

The approval was expected to be announced Wednesday. The master account does not provide the full range of services available to banks, such as payment of interest on reserves held at the central bank. Several crypto firms have pursued Fed master accounts for years, with Caitlin Long’s Custodia Bank doubling down on efforts through a court petition in late 2025.

United States, Kansas City

kraken financial, master account, federal reserve, kansas city, payward, payment systems, banking rails, credit unions, custodia bank, caitlin long