Wells Fargo Reportedly in Talks With Kraken Parent Payward on Crypto Trading
Key Takeaways
- •Wells Fargo and Payward are reportedly negotiating an arrangement in which Payward would serve as a liquidity provider for the bank's crypto trading services, according to an Oct. 7 CoinDesk report citing two anonymous sources.
- •The proposed structure would allow Wells Fargo to offer crypto trading through its own platforms without operating an exchange itself, potentially extending digital assets to a mainstream banking customer base.
- •No signed agreement, timeline, supported assets, eligible customers, or commercial terms have been announced, and both companies declined to comment on the private discussions.
- •Payward already offers similar bank-facing services through its Payward Services unit, launched in March, which handles execution, custody, compliance, and settlement while advertising access to more than 600 crypto assets.
- •Wells Fargo has been building digital-asset capabilities through spot bitcoin ETF offerings for eligible wealth clients, investments in Elliptic and Talos, plans for blockchain-based deposits, and participation in a dollar stablecoin development group.
Wells Fargo is reportedly discussing a potential crypto trading arrangement with Payward, the parent company of crypto exchange Kraken. Under the proposed structure, Payward would provide liquidity for the bank’s digital-asset trading services.
CoinDesk reported the talks on Oct. 7, citing two people with direct knowledge of the matter. The sources spoke anonymously because the discussions are private. The negotiations remain ongoing and may not result in an agreement. Wells Fargo and Payward both declined to comment.
Possible Structure of the Arrangement
As a liquidity provider, Payward could give Wells Fargo market access and the tools needed to execute crypto orders. That structure could allow the bank to offer crypto trading through its own platforms without operating an exchange itself. For Wells Fargo, one the largest U.S. banks, the arrangement could extend crypto trading to a mainstream banking customer base.
Few details have been disclosed. The companies have not identified the cryptocurrencies that could be supported, the customers who might be eligible to trade them, or how the service would operate.
Payward already offers similar services through its Payward Services unit, which launched in March. The unit allows banks to provide crypto trading on their own platforms while Payward handles execution, custody, compliance and settlement. Its banking product advertises access to more than 600 crypto assets.
Payward says most partners execute their first trades within about 90 days of signing, although no timeline has been provided for a potential Wells Fargo arrangement.
The report was also referenced in an X post by CryptosRus:
JUST IN: Wells Fargo is exploring a crypto trading partnership with Kraken’s parent company, Payward. The $2.3 TRILLION banking giant is in talks to use Payward as a crypto liquidity provider — another potential bridge between Wall Street and crypto. — CryptosRus (@CryptosR_Us) October 7, 2026
https://x.com/CryptosR_Us/status/2107929086983283074?ref_src=twsrc%5Etfw
Wells Fargo’s Crypto Activities
Wells Fargo already offers spot bitcoin exchange-traded funds to eligible wealth-management clients. The bank has also backed Elliptic, a crypto compliance company, and Talos, a trading technology provider.
The bank has announced plans for blockchain-based deposits and joined a group developing a dollar stablecoin. Earlier this year, it hired former Citi banker Mark Gracia to join its digital-assets team.
Taken together, the moves outline a bank building digital-asset capabilities across client products, compliance and trading technology.
Wells Fargo and Payward also have a recent connection through Nasdaq. Wells Fargo served as Nasdaq’s exclusive capital markets adviser on Nasdaq’s $100 million investment in Payward, announced on Sept. 10. The transaction reportedly valued Payward at $21 billion.
Nasdaq and Payward are also working on Nasdaq Equity Tokens, a tokenized stock system planned for launch in the second quarter of 2027.
Payward is separately in discussions with custody bank BNY. CoinDesk reported last week that those talks could involve crypto products, custody, wealth management, trading and payments. No agreement has been announced.
The discussions are taking place amid what the source described as a friendlier U.S. regulatory climate for crypto. President Donald Trump signed the GENIUS Act in July 2025, establishing federal rules for payment stablecoins.
Payward’s Expansion Beyond Kraken
Payward has expanded beyond its Kraken exchange this year. In May, it applied to the Office of the Comptroller of the Currency to establish Payward National Trust Company, which would focus on digital-asset custody.
The company also acquired Bitnomial. The transaction added a U.S. derivatives exchange and clearing business regulated by the Commodity Futures Trading Commission. Combined with its bank-facing services unit, the custody charter application and the CFTC-regulated derivatives business round out Payward’s institutional infrastructure across trading, clearing and custody.
Payward reported $508 million in adjusted revenue for the second quarter of 2026. Its 6.6 million funded accounts held approximately $40 billion in assets.
Wells Fargo and Payward have not announced a signed agreement, a timeline, the assets that would be supported or any commercial terms. The immediate markers to watch are a signed agreement, disclosure of supported assets and eligible customers, and any movement in Payward’s separate talks with BNY. The source article is available at https://blockonomi.com/wells-fargo-eyes-crypto-trading-deal-with-kraken-parent-payward/.
