Bitcoin Price Surges As Crypto Exchange Kraken Gains Access to Federal Reserve’s Key Payments System
Bitcoin’s price is surging despite uncertainty about the US and Israel’s attack on Iran.
BTC has jumped from a 24-hour low of $67,515 to as high as $73,394, representing an 8.7% increase.
The rally comes alongside major news from the US-based crypto exchange Kraken, which says its Wyoming-chartered bank, Kraken Financial, has become the first digital asset bank to receive a Federal Reserve master account.
The historic approval gives Kraken direct access to the Federal Reserve’s payment infrastructure, including Fedwire.
The bank no longer needs intermediary banks to move fiat funds, with the development integrating regulated fiat rails directly into Kraken’s platform.
“This milestone marks the convergence of crypto infrastructure and sovereign financial rails. With a Federal Reserve master account, we can operate not as a peripheral participant in the U.S. banking system, but as a directly connected financial institution.”
Kraken Financial, a state-regulated Special Purpose Depository Institution (SPDI), operates on a full-reserve model. It holds liquid assets equal to or greater than 100% of client fiat deposits.
The milestone follows more than five years of regulatory engagement and examinations by US and Wyoming supervisors.
A phased rollout has begun, focused first on institutional activity.
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