The American Bankers Association (ABA) recently granted Kraken a routing number, bringing it one step closer to receiving one of the highly coveted Federal Reserve master accounts, which would allow it to deposit funds with the Fed and access the global payments system.

Kraken is a special purpose depository institution (SPDI), a Wyoming-specific regulatory designation allowing these firms to support digital asset banking activities.

While routing numbers are a critical first step for banks seeking master Fed accounts, the ABA assigning a routing number does not necessarily indicate that a bank will for sure receive a master account.

Last year, the Fed published a request for public comment on a proposal to "evaluate requests for accounts and payment services" at Fed banks.

The comment letters came from financial institutions (including banks and credit unions) which appeared to oppose expanding Fed master account access.