A major cryptocurrency platform’s banking arm has secured approval to connect with the Federal Reserve’s payment infrastructure, according to a Wednesday report from the Wall Street Journal.
Kraken Financial’s newly granted access will enable the company to process transactions with greater speed and efficiency for its large-scale clients and institutional trading customers, the company indicated in the report.
This development highlights how digital currency businesses are establishing stronger connections within traditional financial systems, as cryptocurrency assets become more integrated into conventional markets and draw increased attention from institutional investment firms.
The approval grants Kraken the ability to transfer funds using the same network infrastructure that thousands of banking institutions and credit unions rely on daily, the report indicated.
Neither the Federal Reserve nor Kraken provided immediate responses when contacted for additional comment by Reuters.
