Wells Fargo and Kraken Parent Payward Discuss Crypto Liquidity

Wells Fargo is in talks with Kraken parent Payward to supply liquidity for crypto trading, CoinDesk reported Oct. 7, citing two people with direct knowledge of the discussions. A deal could give the U.S. bank access to Payward’s trading liquidity, but the talks may not produce an agreement, according to CoinDesk’s report.

What would Payward provide to Wells Fargo?

Wyoming-based Payward would supply liquidity for trading digital assets, the sources told CoinDesk. The report did not specify which assets, trading venues or clients would be covered, or disclose a proposed deal value.

CoinDesk said crypto exchanges can connect banks and institutional investors to trading venues and help execute orders. The report did not say whether Wells Fargo would use Payward’s services directly for its own trading or to support customer transactions.

Have Wells Fargo and Payward agreed to a deal?

No. The discussions are ongoing, and CoinDesk said they may not lead to an agreement. Wells Fargo and Payward both declined to comment to the publication.

How does this fit Wells Fargo’s crypto activity?

Wells Fargo already offers spot bitcoin exchange-traded funds to eligible wealth clients and has backed crypto compliance firm Elliptic and trading technology provider Talos, CoinDesk reported. The bank also advised Nasdaq on its September agreement to invest $100 million in Payward and collaborate on tokenized equities and market surveillance.

That Nasdaq investment is separate from the liquidity talks. CoinDesk reported no timetable for a decision; the discussions remain ongoing, with no deal announced.

References

• CoinDesk’s report — coindesk.com