Kraken has become the first Bitcoin and crypto company to gain access to the Federal Reserve’s core payments infrastructure. According to a report from The Wall Street Journal, Kraken’s banking arm has been granted a Federal Reserve “master account,” allowing it to connect directly to the U.S. central bank’s payment rails.

The account was approved through the Federal Reserve Bank of Kansas City and gives Kraken Financial access to Fedwire, the system banks use to move trillions of dollars between institutions every day. Direct access means Kraken can settle payments with the Federal Reserve without relying on intermediary banks.

Reuters reports the approval comes with limits. The account is described as a restricted or “skinny” master account, meaning Kraken does not receive all the privileges traditional banks get, such as earning interest on reserves held at the Fed. Regulators say the structure is designed to preserve the stability of the U.S. financial system while allowing fintech firms limited participation.

Even with those restrictions, the move is significant. Federal Reserve master accounts have historically been reserved almost exclusively for chartered banks. Granting one to a Bitcoin and crypto firm signals that digital asset companies are increasingly being integrated into the core plumbing of the traditional financial system.