Wells Fargo has reportedly entered talks with Kraken parent Payward over a possible arrangement that would give the U.S. banking giant access to liquidity for cryptocurrency trading.
Summary
- Wells Fargo is discussing a deal for Kraken’s Payward to supply liquidity for crypto trading.
- Talks remain ongoing, and Wells Fargo or Payward may still decide against reaching an agreement.
- Payward separately is discussing custody, trading, payments and wealth services with U.S. banking giant BNY.
- Nasdaq agreed in September to invest $100 million in Payward while expanding tokenized equity cooperation.
- Payward Services lets banks offer crypto trading while Payward handles execution, custody, compliance and settlement.
CoinDesk reported on Oct. 7, citing two people with direct knowledge of the discussions, that Wyoming-based Payward could provide liquidity to Wells Fargo for trades involving digital assets. The talks remain private, and neither company has confirmed that an agreement will be signed.
Both Wells Fargo and Payward declined to comment to CoinDesk. Details including which cryptocurrencies would be covered, who would be able to trade them and how the service would operate have not been disclosed.
Wells Fargo could use Payward for crypto liquidity
Under the arrangement being discussed, Payward would act as a source of liquidity for crypto trading. In practical terms, the company could provide the market access and execution infrastructure needed to complete customer or institutional orders without Wells Fargo having to operate its own cryptocurrency exchange.
Payward already sells that type of service to financial companies. Its institutional platform says banks can offer digital asset trading through their own interfaces while Payward handles execution, custody and compliance behind the scenes. The service gives institutions access to liquidity from the infrastructure used by Kraken.
The Wells Fargo discussions have not been publicly linked to a specific Payward Services product, so the exact setup remains unknown. CoinDesk reported only that Payward could supply liquidity for crypto asset trading.
A potential agreement would come as Wells Fargo develops its digital asset business. The bank’s 2026 proxy statement said management had advanced its digital asset strategy alongside work on payments and liquidity services. Wells Fargo’s investment business currently publishes research and educational material covering digital assets for clients.
Payward is holding similar talks with BNY
Wells Fargo is not the only large U.S. bank speaking with Kraken’s parent. Payward is separately discussing a possible infrastructure partnership with BNY, according to earlier reporting on those talks. The potential BNY agreement could cover crypto products, custody, wealth management, trading, payments and other financial infrastructure.
The BNY talks remain unfinished. Neither side has announced a signed agreement or launch date.
In related crypto.news coverage of Payward’s BNY discussions, the proposed relationship was described as spanning six areas of financial services, with Payward Services potentially supplying infrastructure to the custody bank. The report noted that discussions could still end without a transaction.
Payward launched its enterprise infrastructure unit in March. The company said the service was built for banks, fintechs and other financial firms that want to add crypto trading, tokenized assets, stablecoin payments, staking and funding tools without creating separate systems for every function.
Its banking product currently advertises crypto execution across more than 600 assets, along with segregated custody and compliance tools. Payward says most institutional partners can reach their first transactions within roughly 90 days after signing a contract, though those general service terms do not establish any timeline for Wells Fargo.
Wells Fargo already has a link to Payward through Nasdaq
The companies have another recent connection through Nasdaq. Nasdaq announced on Sept. 10 that Nasdaq Ventures had agreed to invest $100 million in Payward. The deal expanded work between Nasdaq and the Kraken parent on tokenized equities and market-surveillance technology.
Wells Fargo served as Nasdaq’s exclusive capital markets adviser on that transaction, according to Nasdaq’s official announcement. The bank therefore advised on a major Payward deal less than a month before reports emerged of its own possible liquidity arrangement with the company.
Nasdaq and Payward are working on a system called Nasdaq Equity Tokens, or NETs, with a planned second-quarter 2027 launch. Payward is expected to use Nasdaq surveillance technology across markets covering crypto, traditional equities, tokenized shares, futures and options.
As detailed in crypto.news coverage of Nasdaq’s $100 million Payward investment, the companies are developing infrastructure intended to connect regulated equity markets with tokenized assets. The investment agreement valued Payward at a reported $21 billion.
Payward has spent 2026 expanding beyond its core Kraken exchange business. Its second-quarter results showed $508 million in adjusted revenue, while 6.6 million funded accounts held approximately $40 billion in assets across its platforms.
Payward is building infrastructure for banks
Payward’s push into bank infrastructure now covers more than trading. The company filed with the Office of the Comptroller of the Currency in May to establish Payward National Trust Company. If approved, the entity would focus primarily on federally supervised digital asset custody for institutional and individual customers.
Payward’s national trust charter application, the proposed company would not accept conventional deposits or make standard loans. The filing instead centers on custody and trust services for digital assets.
Payward has expanded regulated trading infrastructure through acquisitions as well. Its purchase of Bitnomial added a U.S. derivatives exchange, clearing organization and futures commission merchant regulated by the Commodity Futures Trading Commission.
The company’s services division now promotes infrastructure that lets banks keep their customer-facing platforms while Payward manages crypto execution, liquidity, custody and regulatory functions. Payward states that no commercial relationship exists until definitive agreements are executed.
For Wells Fargo, no definitive agreement has been disclosed. The reported discussions remain ongoing, and the two companies have not announced a timetable, supported assets, customer rollout or commercial terms.
