Bitcoin’s price is surging despite uncertainty about the US and Israel’s attack on Iran.
BTC has jumped from a 24-hour low of $67,515 to as high as $73,394, representing an 8.7% increase.
The rally comes alongside major news from the US-based crypto exchange Kraken, which says its Wyoming-chartered bank, Kraken Financial, has become the first digital asset bank to receive a Federal Reserve master account.
The historic approval gives Kraken direct access to the Federal Reserve’s payment infrastructure, including Fedwire.
The bank no longer needs intermediary banks to move fiat funds, with the development integrating regulated fiat rails directly into Kraken’s platform.
“This milestone marks the convergence of crypto infrastructure and sovereign financial rails. With a Federal Reserve master account, we can operate not as a peripheral participant in the U.S. banking system, but as a directly connected financial institution.”
Kraken Financial, a state-regulated Special Purpose Depository Institution (SPDI), operates on a full-reserve model. It holds liquid assets equal to or greater than 100% of client fiat deposits.
The milestone follows more than five years of regulatory engagement and examinations by US and Wyoming supervisors.
A phased rollout has begun, focused first on institutional activity.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
