TLDR
- Wells Fargo is in talks with Payward, the parent company of crypto exchange Kraken, to supply crypto trading liquidity.
- The discussions are private and may not lead to a deal, according to people familiar with the matter.
- Wells Fargo already offers spot Bitcoin ETFs and has backed crypto firms Elliptic and Talos.
- The GENIUS Act, signed in 2025, set federal rules for stablecoins and has helped banks work with crypto companies.
- Payward is also in separate talks with BNY over a wider crypto infrastructure partnership.
Payward, the parent company of crypto exchange Kraken, is in talks to become a crypto liquidity provider for Wells Fargo. Two people with direct knowledge of the matter shared the news.
🚨JUST IN: $2.3 TRILLION Wells Fargo is reportedly in talks with Kraken’s parent over crypto trading liquidity.
Payward, Kraken’s parent company, would act as a crypto liquidity provider to the bank.
Wells Fargo already offers spot Bitcoin ETFs to eligible wealth clients and… pic.twitter.com/snEpMQoXle
— Coin Bureau (@coinbureau) October 7, 2026
Under the potential deal, Wyoming-based Payward would supply liquidity for crypto asset trading. The people spoke on condition of anonymity because the matter is private.
Talks are ongoing and may not lead to a deal. Both Payward and Wells Fargo declined to comment on the matter.
Crypto exchanges often act as a bridge between banks and digital asset markets. They provide access to trading venues and help execute orders for clients.
Coinbase Prime is one example, pulling together liquidity across many markets. Kraken offers banks technology to add crypto trading to their own platforms without building new systems from scratch.
Banks Turn to Crypto Firms as Partners
Banks are increasingly treating established crypto firms as partners rather than rivals. A friendlier regulatory climate under the Trump administration has helped drive this change.
The GENIUS Act, signed into law in July 2025, created a federal framework for payment stablecoins. It gave banks clearer rules for linking crypto markets to the traditional financial system.
This marks a shift from past years, when crypto firms struggled to access basic banking services. Anchorage Digital CEO Nathan McCauley told the Senate Banking Committee in February 2025 that more than 40 banks had turned down the firm’s requests for accounts, even though it holds a federal bank charter.
Wells Fargo’s Growing Crypto Presence
Wells Fargo already offers spot Bitcoin ETFs to eligible wealth clients. The bank has also backed crypto compliance firm Elliptic and trading technology provider Talos.
The bank has outlined plans for blockchain-based deposits. It has also joined a group of banks working on a dollar-backed stablecoin.
Earlier this year, Wells Fargo hired Mark Gracia, a former Citi banker, to strengthen its digital assets team. The bank also served as Nasdaq’s capital markets adviser on a $100 million investment in Payward announced in September.
That deal expanded the two companies’ work on tokenized equities and market surveillance tools. Payward is pursuing similar talks elsewhere in the banking sector.
CoinDesk reported last week that Payward is in separate talks with custody bank BNY. Those discussions could cover crypto products, custody, wealth management, trading and payments.
Shares of Wells Fargo are currently trading at $80.28. That is down from a 52-week high of $97.76.
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