Kraken has obtained a limited-purpose Fed Master Account: here’s what it means and why it matters.

The cryptocurrency industry crossed a major infrastructure milestone today – one that further cements its place in line with traditional finance and pushes it yet another step toward mass adoption.

Kraken’s banking arm, Kraken Financial, has secured access to a limited-purpose master account from the US Federal Reserve Bank of Kansas. Yes, the account does come with certain limitations, but the approval marks a significant shift in the way digital asset firms interact with the traditional financial system.

Be it through Operation Chokepoint (2.0) or not, crypto firms…