Kraken says Fed master account remains inactive

• Kraken said its US Federal Reserve master account has not yet become operational.
• The exchange clarified that the account remains inactive despite receiving approval.
• Kraken said it continues to work towards offering expanded banking services through its Wyoming-chartered bank.

Kraken has confirmed that its US Federal Reserve master account is not yet live, despite previously securing approval for the account.

The cryptocurrency exchange said the account remains inactive and has not begun supporting banking operations.

Kraken said it continues working towards integrating the master account into the services offered through Kraken Financial, its Wyoming special purpose depository institution.

A Federal Reserve master account gives eligible financial institutions direct access to the US central bank's payment infrastructure and settlement services.

Kraken became one of the first cryptocurrency companies to receive a Wyoming banking charter, although bringing the associated banking services into operation has taken longer than initially anticipated.

The clarification follows continued industry interest in how cryptocurrency firms may gain greater access to traditional financial infrastructure through regulated banking entities.

Kraken said it remains committed to expanding its regulated financial services as it continues work on activating the Federal Reserve account.