Key Takeaways
- Wells Fargo is reportedly discussing crypto trading liquidity with Kraken’s parent company, Payward.
- Wells Fargo already offers spot Bitcoin ETFs to eligible wealth clients and advised Nasdaq on its investment agreement with Payward
- Payward’s partnerships with SoFi and Singapore Gulf Bank illustrate its expanding role in banking and crypto infrastructure.
Wells Fargo is reportedly exploring a partnership with Payward, the parent company of cryptocurrency exchange Kraken, that could deepen the bank’s access to digital asset markets.
Payward would supply liquidity for crypto trading under the potential arrangement, papers reported, citing two people familiar with the discussions.
Both companies declined to comment, and the talks remain ongoing with no guarantee of an agreement.
The discussions point to a possible expansion of Wells Fargo’s digital asset strategy, while highlighting Payward’s growing business connecting crypto markets with established financial institutions.
Why Crypto Liquidity Matters for Wells Fargo
Liquidity is a critical component of any trading service. A bank needs access to buyers, sellers, and competitive prices to reliably execute customer orders.
Connecting with an established provider could give Wells Fargo a route into digital asset markets without having to develop every part of the trading infrastructure internally.
The distinction matters for customers. Access to a Bitcoin exchange-traded fund provides exposure through a security traded on an exchange. Direct cryptocurrency trading requires different arrangements for execution, asset custody, and settlement.
A liquidity partnership would address one part of that process. It would not, by itself, establish which cryptocurrencies Wells Fargo customers could trade or how their assets would be held.
The reported discussions leave those details unresolved. There is no announced launch date, customer eligibility framework, or list of supported assets.
Any eventual service would also need to account for the operational demands of crypto markets, which trade continuously, including weekends and holidays.
That makes the movement of cash between banks and trading venues an important consideration alongside access to crypto prices.
Payward’s Banking Partnerships Offer a Working Example
Payward’s recent agreements show how it is addressing those requirements.
On Sept. 3, the company announced a partnership with SoFi involving access to Kraken Prime liquidity, integration with the SoFi Exchange Network, and the listing of SoFiUSD on Kraken.
The agreement also described qualified custody capabilities becoming available as the relationship expands.
Another partnership, announced on Oct. 5, connected Payward with Singapore Gulf Bank’s SGB Net clearing network.
The companies said the arrangement enables selected institutional clients in eligible Asian and Gulf jurisdictions to settle transactions around the clock. The initial offering supports US dollars, with additional clients and currencies planned.
Singapore Gulf Bank will also use Kraken Prime as an additional source of digital asset liquidity and draw on Payward’s markets to price customer trades.
“Access to liquidity is only useful if clients can move funds when they need to,” Singapore Gulf Bank CEO Shawn Chan said in the announcement.
These agreements illustrate Payward’s infrastructure model, but they do not set out the terms of the discussions with Wells Fargo.
Wells Fargo Already Has a Connection to Payward
The potential liquidity arrangement would build on an existing connection between the companies.
Wells Fargo served as Nasdaq’s exclusive capital markets adviser on its September agreement to invest $100 million in Payward, Nasdaq confirmed.
That transaction accompanied an expansion of Nasdaq and Payward’s collaboration on tokenized equities and market surveillance. Nasdaq said the companies expect to launch Nasdaq Equity Tokens in the second quarter of 2027.
Wells Fargo’s broader crypto activities already include spot Bitcoin ETFs for eligible wealth clients, investments in Elliptic and Talos, and participation in a consortium developing a dollar stablecoin.
A completed Payward agreement could extend that involvement toward trading infrastructure.
For customers, however, the practical significance will depend on the final product: who can access it, which assets it supports, how custody works, and what trading costs apply. Until those details emerge, the talks represent a potential next step in Wells Fargo’s crypto strategy.
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The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
