Wells Fargo is in talks with Payward, the parent company of crypto exchange Kraken, on a potential deal for Payward to provide crypto liquidity services to the bank, according to an exclusive CoinDesk report that cited two people with direct knowledge of the discussions.
Payward and Wells Fargo both declined to comment. The talks are ongoing, and a final agreement is not certain, the report said.
Payward could supply liquidity for crypto trading
If an agreement is reached, Wyoming-based Payward would provide liquidity for crypto asset trading, according to the people cited by CoinDesk.
CoinDesk said crypto exchanges often serve as the gateway for banks and institutional investors seeking digital asset liquidity, handling execution and market access. It noted that Coinbase Prime aggregates liquidity across multiple venues, while Kraken provides technology that allows banks to add crypto trading to their own platforms without building the infrastructure from scratch.
Payward’s business goes beyond Kraken
In addition to running Kraken, Payward operates across spot crypto, derivatives, tokenized stocks, custody, staking and traditional securities. Its Payward Services unit provides infrastructure to banks, fintech companies, brokerages and payments firms.
CoinDesk reported last week that Payward was also in talks with custody bank BNY Mellon on a broader financial infrastructure partnership that could cover crypto products, custody, wealth management, trading and payments.
Wells Fargo has expanded its digital asset footprint
Wells Fargo already offers spot Bitcoin ETF access to eligible wealth management clients. The bank has also invested in crypto compliance company Elliptic and trading technology firm Talos, and it has announced a blockchain deposit initiative and joined a banking consortium developing a U.S. dollar stablecoin.
Earlier this year, Wells Fargo hired former Citi banker Mark Gracia to strengthen its digital asset team.
Wells Fargo advised on Nasdaq’s investment in Payward
On Sept. 10, Nasdaq announced a $100 million investment in Payward. The two sides said they would deepen cooperation around tokenized stocks and market surveillance. Wells Fargo acted as Nasdaq’s exclusive capital markets adviser on that transaction.
CoinDesk said the current talks point to a broader pattern of large banks relying more heavily on established crypto firms to build out digital asset operations. The report also said a friendlier regulatory setting under the Trump administration has helped drive that shift.
According to CoinDesk, the GENIUS Act, signed by Trump in July 2025, created a federal framework for regulating payment stablecoins and set clearer rules for a key link between the crypto market and the banking system.