$PI The second-largest US exchange, Kraken, has gained access to the Federal Reserve settlement system. This means Kraken becomes the first cryptocurrency exchange in the US to hold a federal banking license, allowing direct access to the Federal Reserve's payment system without relying on intermediary banks like Signature Bank or Silvergate Bank.

This development has several major implications for exchanges and the industry:

· Independence and Compliance: Holding an independent banking license (SPI) enables direct opening of a main account with the Federal Reserve, significantly enhancing legal legitimacy and eliminating concerns about fiat channels being affected by the failure of intermediary banks such as Signature Bank.
· Safer Funds: Users' fiat funds can be deposited directly into the Federal Reserve or insured banks, reducing the risk of fund freezes or losses due to intermediary bank bankruptcies.
· Increased Efficiency: Eliminates the need for third-party banks as intermediaries, resulting in faster USD deposits and withdrawals with lower costs.
· Industry Milestone: This marks the first time the mainstream financial system has opened core infrastructure to crypto companies, boosting confidence in traditional capital entering the crypto market.
This means that in the future, digital exchanges will increasingly gain international recognition and become autonomous settlement entities similar to traditional banks. This integration is a groundbreaking milestone in human financial history. Meanwhile, Kraken is also integrating with piwep3, and pi is destined to soar! The pi public chain will also gain more settlement qualifications in sovereign currencies.
Everyone, stay tuned with time!!!