In significant developments within the digital finance landscape, the U.S. Federal Reserve is exploring a new “payment account” model. This initiative aims to grant fintech and crypto firms direct access to the central banking system, a move that could address long-standing banking access challenges for the crypto industry.
Federal Reserve Governor Christopher J. Waller, speaking at the Payments Innovation Conference, stated that he has asked staff to explore the idea of these “payment accounts.” These accounts would extend access to the Fed's payment services, currently largely reserved for major banks, to legally eligible institutions that provide payment services through a third-party bank. The primary goal is to support the transformation of the payment system while controlling for various risks.
Meanwhile, U.S. crypto exchange giant Coinbase made two significant strategic moves:
- Echo Acquisition: Coinbase acquired Echo, a crowdfunding platform founded by crypto trader Jordan Fish (Cobie), for $375 million. Echo enables communities to raise capital for early-stage projects and startups, having facilitated $51 million in funding across 131 deals since its beta launch in April 2024.
- UpOnly Podcast Revival: Coinbase also invested $25 million to revive the popular crypto podcast “UpOnly.” The podcast, which gained traction during the 2021 bull market, is set to return for another season following an acquisition that involved the purchase and burning of an NFT, now ranked among the most expensive NFTs ever sold.
These developments underscore a dynamic period for the digital finance sector, with regulatory efforts fostering inclusion and corporate investments expanding the crypto ecosystem.
