Image Credit: Shutterstock
- Wells Fargo is in talks with Kraken parent Payward about using the crypto company as a source of digital asset trading liquidity.
- Payward would provide liquidity for crypto trades through its existing institutional infrastructure under the potential arrangement.
- No agreement has been reached yet, and the discussions could end without a deal.
Wells Fargo is in talks with Kraken parent Payward about using the crypto company as a source of digital asset trading liquidity, according to people with direct knowledge of the discussions. No agreement has been reached, and the talks could end without a deal.
Under the potential arrangement, Payward would provide liquidity for crypto trades through its existing institutional infrastructure. Wells Fargo and Payward have not publicly confirmed terms, supported assets or a potential launch schedule.
Payward Could Supply Trading Liquidity
A liquidity provider supplies bids and offers that help to trade orders execute across digital asset markets. Payward operates Kraken and provides trading, settlement, risk-management and liquidity infrastructure across its businesses.
Its Payward Services unit is built for banks, brokerages, and fintech companies seeking access to digital asset infrastructure. The business offers institutional liquidity alongside trading and settlement services that financial companies can integrate into their own products.
The scope of the Wells Fargo discussions remains unclear. There is no public indication that the talks cover crypto custody, a retail trading launch or digital assets held on Wells Fargo’s balance sheet.
Wells Fargo Has Expanded Its Digital Asset Work
Wells Fargo has separately been exploring blockchain-based financial services. The bank has discussed work involving tokenized deposits and other infrastructure designed to move traditional financial activity onto blockchain systems.
Brent Stephens, Wells Fargo’s head of payables and receivables, said the financial industry has started moving beyond early experimentation. He pointed to increased pilot activity across large institutions during 2026.
“2026 is kind of the year that the entire industry is truly starting to mobilize.”
Wells Fargo Previously Advised Nasdaq on Payward Deal
Wells Fargo already has a recent transaction connection to Payward. Nasdaq Ventures agreed in September to invest $100 million in Payward as part of an expanded relationship covering tokenized equities and market surveillance.
Nasdaq’s announcement said Wells Fargo served as Nasdaq’s exclusive capital markets advisor on the transaction. That advisory role was separate from the current reported discussions between Wells Fargo and Payward over crypto trading liquidity.
The Nasdaq agreement also expands work on the Nasdaq Equity Token framework and calls for Payward to use Nasdaq market-surveillance technology across several of its markets. The companies are developing infrastructure intended to connect tokenized equities with established capital-market systems.
Payward Expands Bank-Facing Infrastructure
Payward has increasingly positioned its infrastructure behind other financial platforms rather than limiting its services to Kraken customers. Its business now spans crypto trading, tokenized equities, institutional services and other market infrastructure.
A Wells Fargo agreement would extend that approach to another major U.S. financial institution. For now, however, the discussions remain preliminary, with no finalized commercial terms or confirmed product launch.
