19:05 ▪
3
min read ▪ by
For the first time, a crypto company, Kraken, is gaining direct access to the Fed’s payment systems through “Main Account”. This historic advance could well change the relationship between cryptocurrencies and traditional financial institutions.
In short
- Kraken is the first crypto platform to receive a “master account” from the Fed, access previously reserved for traditional banks.
- The Fed’s “main account” offers direct access for faster and cheaper transactions, benefiting institutional traders and users.
- Kraken’s “master account” is a step forward that strengthens the legitimacy of cryptocurrencies and may encourage other crypto platforms to follow suit.
Kraken gains a “Main Account” from the Fed
Until now, direct access to the Fed’s payment systems has been reserved for traditional banks. Kraken broke this barrier by becoming the first crypto platform to acquire a “Main Account”. This approach allows it to process US dollar transactions without intermediaries, speeding up deposits and withdrawals for its institutional clients.
However, this approval remains limited. Indeed, Kraken will not have access to the Fed’s emergency loans or interest on reserves. These restrictions serve as a reminder that cryptocurrencies are not yet fully integrated into the traditional banking system. Therefore, users will need to remain vigilant about the risks involved.
Kraken’s main account: how does it affect cryptocurrency users?
Obtaining a “Main Account” by Kraken offers great benefits to its users. Institutional traders will benefit from faster and cheaper transactions, thanks to the elimination of banking intermediaries. This could attract new investors and strengthen Kraken’s position in the crypto market.
This advancement marks a turning point for the crypto industry. It strengthens the credibility of exchange platforms, which are approaching the regulatory standards of traditional banks. By achieving this status, Kraken positions itself as a key player in the integration of cryptocurrencies into the traditional financial system.
Which crypt explodes thanks to the Kraken “Main Account”?
A crypto that could directly benefit from this progress is Bitcoin (BTC), followed by stablecoins such as USDT. As a major Bitcoin trading platform, Kraken will have easier BTC transactions due to direct access to the Fed’s payment systems. This will reduce delays and costs for investors, thereby boosting liquidity and confidence in BTC.
Stablecoins, often used as a bridge between cryptocurrencies and fiat currencies, will also benefit from this integration. With faster and more secure transactions, their adoption by merchants and businesses could accelerate and solidify their role in the financial ecosystem.
Kraken’s approach ka “Main Account” from the Fed marks a turning point for the crypto industry. This historic advance could accelerate the integration of cryptocurrencies into the mainstream financial system. And you, do you think this decision will change the cryptocurrency game?
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Originally a manager of the crypto community, I am interested in anything directly or indirectly related to blockchain and its derivatives. In order to share my experiences and promote a field that I am passionate about, there is nothing better than writing informative and relaxed articles.
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
