Wells Fargo in talks with Kraken parent Payward for crypto liquidity
Wells Fargo explores liquidity deal with Payward
Wells Fargo is in discussions with Payward, the parent company of the Kraken cryptocurrency exchange, to supply liquidity for digital asset trading, according to two people with direct knowledge of the matter.
If the talks lead to a deal, Payward would help provide the buy and sell orders that keep crypto markets running smoothly. That process is called liquidity provision. Wells Fargo previously served as Nasdaq's exclusive capital markets adviser when the exchange invested $100 million in Payward.
Both companies declined to comment. The talks are ongoing and may not result in an agreement.
Key details of the potential deal
- Payward would supply liquidity for crypto trading at Wells Fargo.
- The discussions are private and have not yet produced a finalized deal.
- Crypto exchanges commonly serve as liquidity providers for banks and institutional investors looking to trade digital assets.
Banks are deepening crypto relationships
The talks reflect a broader trend of major U.S. banks working more closely with established crypto firms. A friendlier regulatory environment under the current administration has encouraged that shift, with lenders increasingly viewing digital asset companies as commercial partners rather than outsiders.
The GENIUS Act, signed into law in July 2025, established a federal framework for payment stablecoins, creating clearer rules for one of the key connections between crypto markets and the banking system.
During a previous banking squeeze, crypto companies struggled to open basic bank accounts. Anchorage Digital CEO Nathan McCauley told the Senate Banking Committee in February 2025 that more than 40 banks had rejected its requests for accounts despite its subsidiary holding a federal bank charter.
Wells Fargo's existing crypto footprint
Wells Fargo already offers spot bitcoin exchange-traded funds, or ETFs, to eligible wealth clients. It has backed Elliptic, a crypto compliance firm, and Talos, a trading technology provider. The bank has also announced plans for blockchain-based deposits and joined a consortium developing a dollar stablecoin, extending its digital asset activities into payments.
Earlier this year, the bank hired former Citibank banker Mark Gracia to strengthen its digital assets team.
What remains unclear
It is not certain whether the talks between Wells Fargo and Payward will result in a deal. No timeline or specific terms have been disclosed.
Why this matters
The potential partnership shows how traditional banks are relying on established crypto companies to support their growing digital asset businesses. Rather than building all the infrastructure themselves, banks can partner with firms like Payward that already have the technology and market access in place.
Related developments
Payward is also separately in talks with custody banking giant BNY, according to the source material.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.