Kraken was granted a master account Wednesday by the Federal Reserve Bank of Kansas City, marking the first time a cryptocurrency firm has gained access to the central bank’s payment system.

Payward Ventures, which is chartered in Wyoming as a special-purpose depository institution and does business as Kraken Financial, will now be able to move money on the same rails banks and credit unions use.

The rails give Kraken faster and more efficient movement while reducing the complexity and cost of moving money, the firm said.

“This milestone marks the convergence of crypto infrastructure and sovereign financial rails,” Kraken co-CEO Arjun Sethi said in a prepared statement…