Payward, the parent company of crypto exchange Kraken, is in talks to become a crypto liquidity provider to Wells Fargo (WFC), according to two people with direct knowledge of the matter.
Under the potential arrangement, Wyoming-based Payward would supply liquidity for trading in digital assets, the people said. They asked not to be named because the discussions are private.
The talks are ongoing and may not result in a deal. Payward and Wells Fargo both declined to comment.
Banks are leaning on crypto firms for market access
Crypto exchanges often act as the access point to digital-asset liquidity for banks and institutional investors. They provide trading venues and help execute orders. Coinbase Prime, for instance, aggregates liquidity across multiple markets, while Kraken offers banks technology that lets them integrate crypto trading into their own platforms instead of building the infrastructure from scratch.
The discussions with Wells Fargo suggest large banks are increasingly turning to established crypto companies to support their digital-asset plans. A more accommodating U.S. regulatory climate has helped that shift. Under the friendlier environment during President Donald Trump’s administration, major lenders have become more willing to treat firms such as Payward as commercial partners, a sign of broader acceptance for the sector inside traditional finance.
Regulatory backdrop has changed
The GENIUS Act, signed by Trump in July 2025, created a federal framework for payment stablecoins. That gave clearer rules to a key link between crypto markets and the banking system.
The contrast with the earlier banking squeeze on crypto firms is sharp. Anchorage Digital CEO Nathan McCauley told the Senate Banking Committee in February 2025 that more than 40 banks had rejected the company’s requests for accounts, even though its subsidiary held a federal bank charter.
Wells Fargo has already expanded its digital-asset footprint
Wells Fargo already offers spot bitcoin exchange-traded funds to eligible wealth clients. It has also backed crypto compliance firm Elliptic and trading technology provider Talos. The bank has announced plans for blockchain-based deposits and joined a consortium developing a dollar stablecoin, extending its digital-asset activity into payments.
The California-based financial services firm also strengthened its digital-assets team earlier this year by hiring former Citi (C) banker Mark Gracia. Wells Fargo separately served as Nasdaq’s exclusive capital-markets adviser on the exchange operator’s September agreement to invest $100 million in Payward and deepen collaboration on tokenized equities and market surveillance.
Payward is pursuing other traditional-finance partnerships
CoinDesk reported last week that Payward is also in talks with custody banking giant BNY over a broader financial-infrastructure partnership. Those discussions could cover crypto products, custody, wealth management, trading and payments, extending the company’s ties with established financial institutions.
Beyond operating Kraken, Payward offers trading, payments and financial infrastructure across spot crypto, derivatives, tokenized equities, custody, staking and traditional securities. Its Payward Services division provides infrastructure to banks, fintechs, brokerages and payment companies.