Payward is set to potentially provide liquidity for cryptocurrency trading as more traditional banks enter the digital asset space.
By Will Canny, Krisztian Sandor|Edited by Aoyon AshrafUpdated Oct 7, 2026, 3:11 p.m. EDTPublished Oct 7, 2026, 2:59 p.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Wells Fargo Negotiates with Payward for Crypto Trading Liquidity.(Smith Collection/Gado/Getty Images)SummaryShow- Payward is in discussions to become a liquidity provider for Wells Fargo's crypto trading.
- The agreement would focus on supplying liquidity for digital asset trading.
- Previously, Wells Fargo advised Nasdaq on its $100 million investment in Payward.
According to sources familiar with the situation, Payward, which operates the Kraken crypto exchange, is in negotiations to provide liquidity services for Wells Fargo (WFC), a leading U.S. financial institution.
If finalized, the agreement would see Payward, based in Wyoming, offer liquidity for cryptocurrency trading. The discussions are still underway and may not lead to a final agreement.
Both Wells Fargo and Payward have opted not to comment on the ongoing talks.
Typically, crypto exchanges act as conduits for liquidity in digital assets for banks and institutional investors, facilitating access to trading platforms and executing orders. For instance, Coinbase Prime consolidates liquidity across various markets, whereas Kraken provides banks with the technology to incorporate crypto trading into their services without needing to develop their own infrastructure.
This interaction suggests that major banking institutions are increasingly relying on established cryptocurrency firms to fulfill their digital asset strategies. The more favorable regulatory environment in the U.S. is also contributing to this trend. With a more supportive regulatory landscape established during President Donald Trump's term, large banks are beginning to see established digital asset firms like Payward as potential business partners, reflecting a growing acceptance of the cryptocurrency sector within traditional finance.
The GENIUS Act, signed into law by Trump in July 2025, created a federal framework for payment stablecoins, clarifying regulations that link cryptocurrency markets with the banking sector.
During a challenging period for the industry, many crypto companies faced difficulties in securing basic banking services. For example, Anchorage Digital CEO Nathan McCauley testified before the Senate Banking Committee in February 2025 that over 40 banks had denied its requests for accounts, despite its subsidiary holding a federal bank charter.
Wells Fargo has already begun offering spot bitcoin exchange-traded funds (ETFs) to qualified wealth clients and has supported crypto compliance firm Elliptic and trading technology provider Talos. Additionally, it has announced intentions to implement blockchain-based deposits and has joined a consortium to develop a dollar stablecoin, further expanding its engagement with digital assets in the payments sector.
This year, the California-based financial services company bolstered its digital assets team by hiring Mark Gracia, a former banker from Citi (C). Wells Fargo also played a pivotal role as Nasdaq's exclusive capital markets advisor during the exchange operator's recent $100 million investment in Payward, aimed at enhancing their collaboration on tokenized equities and market surveillance.
Separately, Payward is also in negotiations with BNY, a major custody bank, regarding a comprehensive financial infrastructure partnership, which could encompass crypto products, custody services, wealth management, trading, and payments, thus expanding its connections with established financial entities.
In addition to running Kraken, Payward provides trading, payment, and financial infrastructure solutions that cover spot crypto, derivatives, tokenized equities, custody, staking, and conventional securities. Its Payward Services division supplies infrastructure to banks, fintech companies, brokerages, and payment processors.
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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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