Payward, the parent company of cryptocurrency exchange Kraken, is reportedly discussing a potential partnership with Wells Fargo in the digital asset sector. According to people familiar with the talks, Payward could become a crypto liquidity provider for the bank and support market access for digital asset transactions.
The discussions are still ongoing and may not result in a final agreement. The sources spoke anonymously because the potential partnership has not been made public. Representatives of both Payward and Wells Fargo have declined to comment.
Payward Could Expand Its Role in Banking Infrastructure
If an agreement is reached, Payward could significantly expand its presence beyond the traditional crypto market and strengthen its position as an infrastructure provider for major financial institutions. Companies of this type help banks access digital asset liquidity, execute trades, and integrate crypto services without having to build every technical component in-house.
Kraken already develops solutions that allow banks, brokers, and fintech companies to integrate digital asset trading into their own platforms. Under a potential agreement with Wells Fargo, Payward could provide part of the trading infrastructure and liquidity, although the specific assets, client groups, and services involved have not yet been disclosed.
Wells Fargo Is Gradually Expanding Its Digital Asset Activities
Wells Fargo has been increasing its involvement in crypto-related infrastructure for some time. The bank offers eligible clients access to investment products linked to Bitcoin and has also invested in companies focused on crypto compliance and trading technology.
In addition, Wells Fargo has explored blockchain-based banking deposit solutions and has participated in initiatives related to digital dollars and stablecoins. The bank has also strengthened its digital asset team by hiring professionals with experience at major international financial institutions.
Wells Fargo has previously been involved in transactions connected to Payward as well. The bank acted as a capital markets adviser to Nasdaq in connection with an investment in the company. Cooperation between Nasdaq and Payward has included areas such as tokenized assets and market surveillance technology.
Banks Are Increasingly Turning to Existing Crypto Infrastructure
The discussions between Payward and Wells Fargo reflect a broader trend in the financial sector: traditional institutions are increasingly choosing to connect to existing crypto infrastructure instead of building their own systems from scratch. For banks, this approach can make it easier and faster to launch digital asset services while relying on specialized providers for liquidity, custody, compliance, and trading technology.
This trend is becoming more relevant as the regulatory environment in the United States evolves. In recent years, the legal framework for digital assets has become more defined, including the introduction of federal rules for payment stablecoins. This creates a clearer environment for banks and major financial institutions considering the integration of crypto-related products.
Payward Is Expanding Its Financial Services
Payward’s business already extends well beyond the traditional Kraken cryptocurrency exchange. The company is active in spot and derivatives trading, custody, staking, payments, tokenized securities, and other financial services.
Its Payward Services division provides infrastructure solutions to banks, fintech companies, brokers, and payment providers. A potential partnership with Wells Fargo could become an important step in expanding this business among major traditional financial institutions.
Payward Is Also Reportedly in Talks With BNY
At the same time, Payward is reportedly discussing a broader partnership with BNY, one of the world’s largest custody banks. A potential agreement could cover digital asset custody, trading, payments, asset management, and other crypto-related products.
Neither of the reported partnerships has been officially confirmed so far. However, the talks themselves highlight how the line between traditional banking and crypto infrastructure continues to blur, with major banks increasingly considering specialized crypto companies as technology and liquidity partners.