Crypto took a step toward deeper integration with the U.S. financial system after Kraken secured access to the Federal Reserve’s core payment infrastructure, becoming the first crypto-native firm to operate on the same rails as traditional banks and credit unions.

Kraken’s banking arm, Kraken Financial, received approval for a so-called master account from the Federal Reserve Bank of Kansas City, according to company statements.

The account grants direct entry into the Fed’s payment systems, including Fedwire, a real-time gross settlement network that processes trillions of dollars in transfers each day.

The approval allows Kraken Financial to settle dollar payments…

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