Wells Fargo, Payward Eye Crypto Trading Liquidity Boost
Wells Fargo in talks with Kraken parent Payward for crypto trading liquidity
Wells Fargo is in discussions with Payward, the parent company of crypto exchange Kraken, about securing liquidity for digital asset trading services, according to people familiar with the matter.
The talks are ongoing and may not result in a deal. Both Wells Fargo and Payward declined to comment.
Under the potential arrangement, Payward would supply liquidity for crypto transactions, giving Wells Fargo access to crypto markets and order execution without building a full trading stack internally. The model has been described as a “rent the rails” approach, where the bank keeps its client relationships and brand while relying on a specialist provider to route and price trades, including through Kraken’s institutional service, Kraken Prime.
Why it matters: For a major U.S. bank, sourcing liquidity externally can be a practical way to expand digital-asset capabilities while limiting the need to develop new market infrastructure in-house. It also reflects how traditional financial institutions are increasingly engaging with crypto through partnerships, rather than only through custody or fund products.
Wells Fargo already has a growing footprint in digital assets. The bank offers spot bitcoin exchange-traded funds (ETFs) to eligible wealth clients and has invested in crypto-related firms including compliance provider Elliptic and trading technology company Talos. It has also announced plans for blockchain-based deposits and joined a consortium working on a dollar stablecoin.
The discussions come as Payward expands its network of financial-institution relationships. The company has recently partnered with SoFi and integrated with Singapore Gulf Bank’s SGB Net, according to the information provided. Separate discussions involving other large financial players, including BNY, have also been reported more broadly.
- Parties: Wells Fargo and Payward (Kraken’s parent company)
- Subject: Payward supplying crypto trading liquidity and execution access
- Status: Early-stage talks; no agreement confirmed
- Context: Banks are increasingly using partners to add crypto market access alongside ETFs, compliance, and payments-related initiatives
