BNY is in discussions with Payward, the parent company of crypto exchange Kraken, on a broad partnership spanning digital assets and financial market infrastructure, according to CoinDesk, citing people familiar with the matter. The proposed arrangement could cover crypto products, custody, wealth management, trading, payments, and infrastructure delivered through Payward Services, a platform aimed at banks, exchanges, and asset managers. One person said part of the deal under discussion may resemble the infrastructure component of Payward’s recent agreement with Nasdaq. The talks are ongoing and may not result in a final agreement. Both BNY and Payward declined to comment. The report also noted that BNY, formerly Bank of New York Mellon, has been developing tokenized deposits to support near real-time on-chain settlement among institutional market participants. A deal with BNY would help Payward connect its digital asset business more closely with traditional financial institutions. Last month, Nasdaq Ventures agreed to invest $100 million in Payward at a $21 billion valuation, while expanding cooperation on tokenized equities, with the two companies targeting the second quarter of 2027 for the launch of Nasdaq stock tokens.
BNY is in talks with Payward, the parent company of crypto exchange Kraken, on a broad partnership covering digital assets and financial market infrastructure, CoinDesk reported, citing people familiar with the matter.
The potential agreement could span crypto products, custody, wealth management, trading, payments, and infrastructure. Those services would be offered through Payward Services, a platform built for banks, exchanges, and asset managers.
One person said parts of the proposed tie-up may resemble the infrastructure component of Payward’s recent agreement with Nasdaq. The discussions are still ongoing, and there is no guarantee a deal will be reached. Both Payward and BNY declined to comment.
BNY, formerly Bank of New York Mellon, provides custody, asset servicing, clearing, and wealth management for institutional clients. It has also been developing tokenized deposits to support near real-time on-chain settlement between participants in institutional markets.
According to the report, an agreement with BNY would help Payward connect its digital asset business more closely with traditional financial institutions.
Last month, Nasdaq Ventures agreed to invest $100 million in Payward at a $21 billion valuation and expand the two companies’ work on tokenized stocks. Under that agreement, the companies will continue building the operational and commercial infrastructure for Nasdaq stock tokens. Payward will also adopt Nasdaq’s market surveillance technology across its venues for crypto, equities, tokenized equities, futures, and options. The two sides expect to launch Nasdaq stock tokens in the second quarter of 2027.
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