Wells Fargo Is in Talks With Kraken’s Parent to…
By Rick Steves
AI summary of the source article
Wells Fargo is in private talks with Payward, the parent company of Kraken, to use the firm as a crypto liquidity provider, according to reports. The arrangement would allow Wells Fargo, which held $2.28 trillion in assets at the end of June, to gain execution and digital-asset liquidity capabilities without constructing its own exchange. Payward offers an institutional product providing Kraken pricing, access to over 600 assets, and compliance tools. While Wells Fargo already offers spot bitcoin ETFs to eligible wealth clients and advised Nasdaq on a $100 million investment in Payward, discussions remain ongoing, and no definitive deal has been confirmed.
Why it matters
A deal would allow a major U.S. bank to integrate crypto trading capabilities via an external specialist while advancing Payward's push to position itself as institutional financial infrastructure.
Key facts
- Wells Fargo is holding private talks with Kraken parent Payward to act as a crypto liquidity provider.
- Payward reported Q2 adjusted revenue of $508 million, up 17% year-over-year, with $310 billion in transaction volume.
- No final agreement has been reached, and details regarding custody, eligible assets, and launch terms remain undecided.