Wells Fargo Reportedly Talking With Kraken Parent Payward to Source Crypto Trading Liquidity
By Unchained
AI summary of the source article
Wells Fargo is in talks with Payward, the operator of Kraken, to source liquidity for crypto trading, according to reporting cited by CoinDesk. Sourcing from an external liquidity provider would permit the bank to provide crypto trading services without establishing its own market infrastructure. The potential arrangement aligns with Wells Fargo's broader digital asset initiatives, which include offering spot bitcoin ETFs to eligible wealth clients, investing in Elliptic and Talos, and participating in a dollar stablecoin consortium. Payward is also in discussions with BNY and previously secured a $100 million investment from Nasdaq at a $21 billion valuation as it eyes a public debut next year.
Why it matters
A liquidity deal with Payward would allow Wells Fargo to offer crypto trading to clients without the cost and complexity of building its own market infrastructure.
Key facts
- Wells Fargo is holding ongoing discussions with Payward to source crypto trading liquidity.
- Payward provides white-label technology and liquidity to banks, fintechs, brokerages, and payment firms via Payward Services.
- Wells Fargo previously advised Nasdaq on its $100 million investment in Payward, which valued the crypto company at $21 billion.