According to informed sources, Payward, the parent company of Kraken, is in talks with the American financial giant Wells Fargo (WFC) and intends to become its provider of liquidity for crypto assets.
According to this potential transaction, Payward located in Wyoming will provide liquidity for cryptocurrency transactions. People familiar with the matter have requested anonymity as the related matters are private. Negotiations are still ongoing, and it is not certain that an agreement will be reached in the end.
Both Payward and Wells Fargo declined to comment.
Cryptocurrency exchanges typically serve as a gateway for banks and institutional investors to access the liquidity of digital assets, providing not only a trading platform but also assisting in order execution. For example, Coinbase Prime aggregates liquidity across multiple markets, while Kraken provides technology to banks, enabling them to integrate cryptocurrency trading into their own platforms, thus offering services to customers without the need to build their own infrastructure.
These discussions indicate that an increasing number of large banks are turning to established crypto companies to support their digital asset initiatives. A more favorable regulatory environment in the United States is also driving this shift. Under the more relaxed regulatory framework during President Trump's tenure, large lending institutions are increasingly viewing established digital asset companies such as Payward as business partners, which also reflects the growing acceptance of this industry within the traditional financial system.
The GENIUS Act signed by Trump in July 2025 established a federal framework for payment stablecoins, providing clearer rules for a key connection between the crypto market and the banking system.
During a period when the industry faced tighter banking services, crypto companies found it difficult to obtain basic banking services. Anchorage Digital CEO Nathan McCauley stated to the Senate Banking Committee in February 2025 that despite its subsidiaries holding federal banking licenses, more than 40 banks still rejected their account opening requests.
Wells Fargo has already provided spot Bitcoin Exchange-Traded Funds (ETFs) to eligible wealth clients and has supported the crypto-compliant company Elliptic as well as the trading technology provider Talos. The bank also announced plans to launch blockchain-based deposits and has joined a consortium for developing a dollar-stabilized coin, further extending its digital assets business into the payment sector.
This California-based financial services company strengthened its digital assets team earlier this year by hiring former Citibank (C) banker Mark Gracia. The same firm also served as the exclusive capital markets advisor for the $100 million investment agreement reached between NASDAQ and Payward in September; under this agreement, NASDAQ will invest $100 million and deepen cooperation between the two parties in tokenized stocks and market monitoring.
CoinDesk reported last week that Payward is still in negotiations with the custody banking giant BNY regarding a broader financial infrastructure collaboration. The discussions may cover encrypted products, custody, wealth management, trading, and payments, further expanding the company's connections with traditional financial institutions.
In addition to operating Kraken, Payward also provides trading, payment, and financial infrastructure services that cover spot crypto, derivatives, tokenized stocks, custody, collateralization, and traditional securities. Its Payward Services department offers infrastructure services to banks, fintech companies, securities firms, and payment companies.
For further reading:Clarity Act has stagnated, but bankers have not slowed down their encrypted transactions as a result.
