Fed Opens Direct Payment Path for Crypto Firms: Banks Out of the Loop?
— CryptoSlate
The Fed's new payment accounts could reduce crypto firms' reliance on banks.
The Fed's new payment accounts could open direct payment paths for crypto firms, reducing reliance on banks.
- The Fed is considering opening direct payment paths for crypto firms to reduce banks' liquidity risk, potentially decreasing reliance on banks.
- Kraken became the first crypto firm to gain direct access to the Fed's payment system, setting a precedent for others.
- The Fed's proposed payment accounts, while lacking some bank privileges, could expedite crypto firms' payment processes.
The Fed's new accounts could allow crypto firms to conduct faster and more independent payment transactions, reducing reliance on banks.