Wells Fargo in talks with Kraken parent Payward for crypto trading liquidity

Payward, the parent company of crypto exchange Kraken, is in talks to become a crypto liquidity provider to U.S. financial giant Wells Fargo (WFC), according to two people with direct knowledge of the matter.

Under the potential deal, Wyoming-based Payward would supply liquidity for trading in crypto assets, the people said, speaking on condition of anonymity because the matter is private.

Talks are ongoing and may not result in a deal.

Payward and Wells Fargo both declined to comment.

Crypto exchanges often serve as gateways to digital asset liquidity for banks and institutional investors, providing access to trading venues and helping execute orders. For example, Coinbase Prime aggregates liquidity across multiple markets, while Kraken offers banks technology to integrate crypto trading into their own platforms, allowing them to serve clients without building the infrastructure themselves

The discussions suggest major banks are increasingly turning to established crypto companies to support their digital asset ambitions. A friendlier U.S. regulatory environment is also helping drive that shift. Under a more accommodating regulatory climate during President Donald Trump’s administration, major lenders are increasingly viewing established digital asset companies such as Payward as commercial partners, signaling the sector’s growing acceptance within traditional finance.

The GENIUS Act, signed by Trump in July 2025, established a federal framework for payment stablecoins, providing clearer rules for a key link between crypto markets and the banking system.

During the industry’s banking squeeze, crypto firms struggled to secure basic banking services. Anchorage Digital CEO Nathan McCauley told the Senate Banking Committee in February 2025 that more than 40 banks rejected its requests for accounts despite its subsidiary holding a federal bank charter.

Wells Fargo already offers spot bitcoin exchange-traded funds (ETFs) to eligible wealth clients and has backed crypto compliance firm Elliptic and trading technology provider Talos. It has also announced plans for blockchain-based deposits and joined a consortium developing a dollar stablecoin, extending its digital asset activities into payments.

The California-based financial services firm strengthened its digital assets team earlier this year by hiring former Citi (C) banker Mark Gracia. The bank also served as Nasdaq’s exclusive capital markets adviser on the exchange operator’s September agreement to invest $100 million in Payward and deepen their collaboration on tokenized equities and market surveillance.

Payward is separately in talks with custody banking giant BNY over a broad financial-infrastructure partnership, CoinDesk reported last week. Those discussions could cover crypto products, custody, wealth management, trading and payments, further extending the company’s ties with established financial institutions.

Beyond operating Kraken, Payward offers trading, payments and financial infrastructure spanning spot crypto, derivatives, tokenized equities, custody, staking and traditional securities. Its Payward Services division provides infrastructure to banks, fintechs, brokerages and payment companies.

Read more: The Clarity Act stalled. Bankers aren’t hitting the brakes yet on crypto dealmaking