Wells Fargo (WFC) is reportedly exploring a potential partnership with Payward, the parent company of cryptocurrency exchange Kraken, as the banking giant looks to strengthen its digital asset capabilities.
The development comes as traditional financial institutions increasingly seek access to crypto markets without having to build complex trading infrastructure on their own.
Under the proposed arrangement, Payward could provide Wells Fargo with liquidity for digital asset trading. This would allow the bank to access crypto markets and execute transactions for clients through external infrastructure. However, the two companies have not announced a final agreement, meaning the discussions could still change or end without a deal.
Wells Fargo has already taken several steps to expand its presence in the digital asset sector. The bank provides eligible wealth management clients with access to spot Bitcoin exchange-traded funds and has supported companies involved in crypto compliance and institutional trading technology.
Payward Expands Its Role Beyond Kraken
The potential Wells Fargo relationship reflects Payward’s growing focus on serving traditional financial institutions.
Through its Payward Services division, the company provides infrastructure covering liquidity, custody, settlement, payments, and trading technology.
Payward has recently expanded its relationships across the financial sector. In September, the company partnered with SoFi to provide customers with access to liquidity from Kraken Prime. The partnership also included continuous dollar settlement and supported the listing of SoFiUSD on Kraken.
Payward has also held discussions with BNY Mellon regarding a possible financial infrastructure partnership. Those talks could involve areas such as custody, trading, wealth management, crypto products, and payment services.
Wells Fargo already has a connection to Payward through Nasdaq. The bank advised Nasdaq during its $100 million investment in Payward in September.
The transaction valued Payward at $21 billion and also supported broader cooperation involving tokenized equities and market surveillance.
Wells Fargo Builds a Broader Digital Asset Strategy
The reported discussions with Payward fit into Wells Fargo’s wider strategy of incorporating digital assets and blockchain technology into its financial services.
Earlier this year, the bank strengthened its digital assets team by hiring former Citi banker Mark Gracia, adding experience as it expanded its involvement in crypto-related financial infrastructure.
The bank has also explored blockchain-based deposits as financial institutions look for faster and more efficient settlement methods. In addition, Wells Fargo joined a banking consortium working on a dollar-backed stablecoin designed for institutional and commercial payment applications.
The broader regulatory environment is also creating more opportunities for banks to work with established digital asset companies. The GENIUS Act established a federal regulatory framework for payment stablecoins after becoming law in July 2025.
Against this backdrop, a potential Payward partnership would represent another step in Wells Fargo’s digital asset expansion, connecting its traditional banking operations with established crypto market infrastructure.
