Kraken’s Wyoming Bank Arm Wins Limited-Purpose Federal Reserve Master Account
The account gives Kraken’s Wyoming banking unit access to Fedwire (U.S. central bank payment network) but does not include emergency lending or interest on reserves, according to the source.
Summary
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Terms & Concepts
Federal Reserve master account: An account at the U.S. central bank that can provide direct access to core payment and settlement services.
Fedwire: A U.S. central bank payment network used by financial institutions for real-time gross settlement of large-value transfers.
Limited-purpose bank: A bank charter designed for specific activities rather than the full range of traditional commercial banking services.