Wells Fargo, a U.S. banking giant managing approximately $2.3 trillion in assets, is currently in talks with Payward, the parent company of cryptocurrency exchange Kraken. The discussions focus on Payward supplying crypto liquidity for the bank's digital-asset trading operations.
Reports indicate that the talks are ongoing and may not ultimately result in a finalized deal. Both organizations have declined to comment publicly on the matter, and the exact scope, eligible clients, and asset classes covered remain undisclosed without any formal product launch or regulatory filings.
Structure of the Proposed Arrangement
Under the discussed structure, the arrangement would not involve a custody mandate or a balance-sheet Bitcoin purchase. Instead, Payward would function as an execution-layer crypto liquidity provider through Kraken Prime, its institutional prime brokerage arm, handling the routing and pricing of digital-asset trades.
This model allows Wells Fargo to maintain its client relationships and brand while utilizing external infrastructure for market matching. The approach provides a pathway for a major bank to enter digital-asset trading at a lower capital cost without operating its own matching engine.
Existing Crypto Footprint and Industry Context
Wells Fargo already maintains various ties to the digital-asset sector. Recent SEC filings revealed that the bank holds significant crypto ETF and equity investments, including over 6.5 million shares of iShares Bitcoin Trust (IBIT) and nearly 726,000 shares of Strategy (MSTR). Additionally, the bank has previously backed compliance firm Elliptic and trading-technology firm Talos, and participated in a consortium working on a dollar stablecoin.
The two companies also share prior history. Wells Fargo served as Nasdaq's exclusive capital-markets adviser when Nasdaq invested $100 million in Payward in September 2026, a transaction that valued Payward at $21 billion.
Payward has continued to expand its network of financial partnerships. SoFi Technologies implemented a similar arrangement in early September, routing customer liquidity through Kraken Prime, while Singapore Gulf Bank integrated its settlement network with Kraken. Furthermore, BNY has reportedly been engaged in broader talks with Payward regarding digital assets, custody, wealth, trading, and infrastructure.
