An outage at the Fed leaves multiple crypto exchanges unable to settle
February 24, 2021, 2:44PM EST
1 min read
An outage at the Federal Reserve is creating settlement issues for many financial institutions and exchanges. The Fed's service status page shows that most of its services are currently down, including its settlement network.
The central bank itself and its messaging system, FedMail, are both still available, according to the outage page. The Fed's Automated Clearing House (ACH) payment system and FedWire Funds, the real-time settlement network that connects U.S. banks, are down among other key services.
This is creating problems for a number of crypto exchanges. Gemini, Kraken and Coinbase are all experiencing ACH and FedWire delays.
A status list on the Fed's website shows most offerings listed as experiencing "service disruptions."
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.