The prospective collaboration could involve digital assets, custody, trading, and payment systems among other financial infrastructures.
By Will Canny|Edited by Aoyon AshrafOct 2, 2026, 1:34 p.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Payward co-CEO Arjun Sethi. (CoinDesk)SummaryShow- BNY has initiated discussions with Payward, the parent company of Kraken, regarding a significant financial infrastructure partnership.
- This potential collaboration may cover areas like digital assets, custody, trading, payments, and wealth management.
- The framework of this partnership may resemble Payward's recent deal with Nasdaq.
Custody banking leader BNY is currently in negotiations with Payward, the Wyoming-based parent of the cryptocurrency exchange Kraken, to establish a comprehensive partnership focused on digital assets and financial market infrastructure, as reported by two insiders.
The proposed agreement could encompass services such as crypto offerings, custody solutions, wealth management, trading, payments, and infrastructure, as outlined by the individuals familiar with the discussions. These services are made available through Payward Services, which caters to banks, exchanges, and asset managers.
Aspects of this potential partnership might mirror the infrastructure elements of Payward's recent collaboration with Nasdaq, according to one source who requested anonymity due to the confidentiality of the talks.
Negotiations are still in progress, and there is no certainty that an agreement will be finalized.
Both Payward and BNY have chosen not to comment on the ongoing discussions.
A deal with BNY would enhance Payward's efforts to integrate its digital asset services with traditional financial institutions. BNY, previously known as Bank of New York Mellon, offers custody, asset servicing, clearing, and wealth management solutions to institutional clients.
Additionally, BNY has been working on tokenized deposits aimed at facilitating near-real-time on-chain settlements among institutional market players, reflecting the bank's broader commitment to digital asset infrastructure.
Last month, Nasdaq Ventures committed to investing $100 million in Payward, valuing the company at $21 billion, while also expanding their partnership on tokenized equity solutions.
This agreement will allow Nasdaq and Payward to continue developing operational and commercial frameworks for Nasdaq Equity Tokens. Furthermore, Payward plans to implement Nasdaq's market-surveillance technology across its crypto, equities, tokenized equities, futures, and options platforms.
The companies anticipate the launch of Nasdaq Equity Tokens in the second quarter of 2027, connecting Nasdaq's regulated markets with Payward's xStocks ecosystem while ensuring shareholder rights, regulatory compliance, and issuer control.
Payward operates the Kraken exchange and is expanding its portfolio of trading, payments, and infrastructure services. Its offerings include spot crypto, derivatives, tokenized equities, custody, staking, payments, and traditional securities. Through Payward Services, it provides infrastructure solutions to banks, fintech firms, brokerages, and payment processors.
The company has also grown through acquisitions, including a deal in April to purchase the U.S. crypto derivatives company Bitnomial for up to $550 million, followed by a $600 million acquisition of stablecoin payment firm Reap. These moves followed its acquisition of retail futures platform NinjaTrader for approximately $1.5 billion in 2025.
CoinDesk reported last month that Payward has postponed its planned initial public offering until at least the second quarter of 2027, having previously delayed it due to challenging market conditions.
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Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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