Kraken Cryptocurrency Exchange’s Application to Connect to Federal Reserve: Marco Santori’s Announcement

On April 27th, Marco Santori, Chief Legal Officer of the Cryptocurrency Exchange, stated in a new interview that the exchange had previously submitted an application for the Federal Reserve’s main account, and so far, the Federal Reserve has not rejected the application. Marco Santori stated that Kraken will not publicly sue the Federal Reserve in a high-profile manner like Custodia, but will fight “behind the scenes” to connect to the FedNow network used by all other large financial institutions to settle transactions. （Decryt）

Kraken Chief Legal Officer: The Federal Reserve has not yet rejected Kraken’s master account application

In his recent interview, Marco Santori, the Chief Legal Officer of the Kraken Cryptocurrency Exchange, announced that the exchange has submitted an application for the Federal Reserve’s main account on April 27th. According to him, the Federal Reserve has not rejected the application so far. This news has been making waves in the Cryptocurrency world, especially in the US. In this article, we will discuss Kraken’s application to the Federal Reserve and its implications on the Cryptocurrency market.

Understanding Kraken’s Application to the Federal Reserve

Kraken is known as one of the largest Cryptocurrency exchanges in the world. The exchange is based in San Francisco and provides its services in more than 190 countries. The exchange handles billions of dollars’ worth of transactions every day. Kraken’s recent move to apply for the Federal Reserve’s main account has raised many eyebrows in the Cryptocurrency world. The Federal Reserve is the central bank of the United States and regulates the country’s financial system.
The application to the Federal Reserve’s main account is significant as it allows institutions to connect to the FedNow network. This network is used to settle transactions and is adopted by other financial institutions like banks. Kraken’s application to the FedNow network will enable the exchange to make faster and more secure transactions.

Kraken’s Statement on Federal Reserve’s Application

Marco Santori, the Chief Legal Officer of the Kraken Cryptocurrency Exchange, stated that they will not sue the Federal Reserve in a high-profile manner like Custodia did. He mentioned that the exchange would fight “behind the scenes” to connect to the FedNow network. This statement shows that Kraken is not interested in creating any conflicts with the Federal Reserve. In addition, Santori affirmed that the goal of their application is to improve transaction speeds and efficiency.

How Kraken’s Application will Impact the Cryptocurrency Market

Kraken’s application to the Federal Reserve’s main account will be a game-changer for the Cryptocurrency market. This development will enable exchanges to connect to the FedNow network and make faster and more secure transactions. Moreover, it will lead to increased adoption of Cryptocurrencies by institutional investors. This will help to legitimize the Cryptocurrency market and accelerate its growth momentum.
However, some experts have concerns regarding Kraken’s application to the Federal Reserve’s main account. They think that the move is a departure from the decentralized principles of Cryptocurrencies. The Federal Reserve is not known for its support of decentralized finance, and Kraken’s affiliation with it may have negative implications for the Cryptocurrency industry as a whole.

Conclusion

Kraken’s application to the Federal Reserve’s main account has major implications for the Cryptocurrency market. While some experts are concerned about the move, it is undeniable that it will allow exchanges to make faster and more secure transactions. It will also lead to increased adoption of Cryptocurrencies by institutional investors. It remains to be seen how this development will impact the Cryptocurrency market in the long run.

FAQs

1. What is Kraken Cryptocurrency Exchange?
Kraken is one of the largest Cryptocurrency exchanges in the world. The exchange is based in San Francisco and provides its services in more than 190 countries.
2. What is the Federal Reserve?
The Federal Reserve is the central bank of the United States and regulates the country’s financial system.
3. What is the FedNow Network?
The FedNow network is used to settle transactions and is adopted by other financial institutions, like banks, to make faster and more secure transactions.