## Cryptocurrency Firms Apply for Direct Access to the Fed Three cryptocurrency-focused companies are seeking a major step forward in their integration with the traditional financial system. WisdomTree Digital Trust, Standard Custody, and Commerceium Financial have all applied for master accounts with the Federal Reserve System (Fed), as reported by CryptoInAmerica. ## What are Fed Master Accounts? A master account grants direct access to the Fed's payment system. This eliminates the need for these companies to rely on intermediary banks for transactions, potentially reducing costs and increasing efficiency. ## Why This Matters for Crypto Gaining access to a master account would be a significant victory for these firms and the broader cryptocurrency industry. It would represent a greater level of legitimacy and integration with the established financial framework. The outcome of these applications will be closely watched by those involved in crypto and traditional finance. ```