Wells Fargo in talks with Kraken parent Payward to provide crypto trading liquidity

Wells Fargo is holding discussions with Payward, the parent company of cryptocurrency exchange Kraken, regarding a possible partnership to provide liquidity for digital asset trading. If the deal materializes, Payward would serve as the liquidity provider, enabling Wells Fargo clients to access crypto trading through the bank’s platform without the bank having to operate its own exchange.

Potential Structure of the Deal

Sources familiar with the negotiations reported that the talks are ongoing and both parties have declined to comment. No agreement has been reached so far, and specific details about which cryptocurrencies would be supported or how the trading process would be implemented have not been disclosed.

Payward offers a service through its Payward Services unit that allows banks to enable crypto trading for their customers. Under this product, Payward manages trade execution, custody, regulatory compliance, and settlement on behalf of its partners. The service, launched in March, advertises access to more than 600 digital assets. Payward states that most institutional partners begin executing their first retail trades within around 90 days of signing on. No expected launch date for the Wells Fargo service has been identified.

Wells Fargo, one of the largest banks in the United States, has recently taken on a more active role within the digital asset industry. The company has already introduced spot Bitcoin exchange-traded funds for eligible wealth management clients and maintains investments in industry players such as compliance technology company Elliptic and trading platform provider Talos.

Wells Fargo was recently involved as Nasdaq’s exclusive adviser in its $100 million investment in Payward, a transaction that valued the Kraken parent at $21 billion.

In these ongoing crypto and capital markets efforts, Wells Fargo seeks to expand its digital asset ecosystem through external partnerships with well-established industry players.

Mini dictionary: Payward is a financial technology company best known as the parent of Kraken, a major global cryptocurrency exchange. Payward also provides infrastructure and liquidity services for institutional partners in the digital asset space.

Other Industry Relationships and Developments

Alongside the Wells Fargo talks, Payward is engaged in separate discussions with custody bank BNY regarding a broader financial infrastructure partnership. These talks reportedly cover a range of services including trading, custody, wealth management, and payments, but have so far yielded no formal deal.

Wells Fargo and Payward’s recent collaboration was highlighted when Nasdaq invested $100 million in Payward in September, with Wells Fargo serving as their sole capital markets adviser. Nasdaq and Payward have also begun work on a digital stock tokenization project, Nasdaq Equity Tokens, slated to launch in the second quarter of 2027.

Payward’s expansion this year includes an application to form Payward National Trust Company for digital asset custody and the strategic acquisition of Bitnomial, adding regulated U.S. derivatives and clearing services to its portfolio.

Company Recent Development Role in Partnership Wells Fargo Active in crypto through ETFs and investments Potential crypto trading distributor Payward (Kraken parent) Received $100 million Nasdaq investment valued at $21 billion Liquidity and infrastructure provider BNY Exploring wider financial partnership with Payward Prospective custody and services partner

Regulatory developments in the United States have encouraged these initiatives. The GENIUS Act, signed by President Donald Trump in July 2025, established federal rules for payment stablecoins, reflecting a more favorable policy climate for crypto partnerships between banks and digital asset companies.

During the second quarter of 2026, Payward reported $508 million in adjusted revenue. The company hosted 6.6 million funded accounts with approximately $40 billion in assets. Despite these milestones, representatives from both Wells Fargo and Payward have stated that no binding agreement, product details, or commercial terms around a crypto liquidity partnership have been set at this time.

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