Wells Fargo is talking to Kraken's parent company about sourcing crypto trading liquidity from it. CoinDesk reported late on October 7 that Payward, the Wyoming-based group behind the Kraken exchange, is in discussions to act as a liquidity provider for the US banking giant's digital-asset trading. Two people briefed on the discussions told the outlet the arrangement would have Payward feed liquidity into Wells Fargo's crypto trading. Both sides declined to comment, and the talks could still end without an agreement. Even so, it is the third banking headline involving Payward in five days.
The Wells Fargo talks are the newest leg of a deliberate banking streak. On October 2, Crypto.news reported Payward is negotiating with BNY over six areas of cooperation, including custody, trading, payments, wealth management and crypto products. On October 5, Payward signed a real one: a deal with Singapore Gulf Bank plugging institutional clients into SGB Net, a clearing network moving over $20 billion in fiat monthly, for 24/7 US-dollar settlement across Asia and the Gulf. The Bahrain-licensed bank will also lean on Kraken Prime to price trades for its own customers. Wells Fargo already knows Payward — it advised Nasdaq on the September deal that put $100 million into the exchange group at a reported valuation of $21 billion, covering tokenized equities and market surveillance as well. A crypto exchange that spent a decade fighting banks for legitimacy is now selling them the plumbing.
Wells Fargo has been warming up to this: it already offers spot bitcoin ETFs to eligible wealth clients, has backed Elliptic and Talos, and hired ex-Citi banker Mark Gracia to lead its digital-assets effort.
Why it matters
A few years ago, crypto companies could barely keep bank accounts open. Now the direction of travel has flipped: the banks are the ones knocking. For Payward, each arrangement converts the same asset — deep crypto liquidity and 24/7 market access — into fee income from institutions that cannot build it themselves. It is the same playbook as Ripple's $35 billion Brevan Howard prime-brokerage mandate, and the same current pulling Coinbase into bank custody work. The read for token prices is narrower: Kraken has no token, and none of these deals touch spot markets. This is an infrastructure story — a revenue line for Payward, not a bid for crypto.
What to watch
- Whether the Wells Fargo talks become a signed deal — the tally so far: one signed (Singapore Gulf Bank), two reported (BNY, Wells Fargo).
- Any confirmation or denial; both sides declined to comment.
- The Nasdaq-linked equity token launch, which the two companies have penciled in for the second quarter of 2027.
- Whether other large US banks follow with their own crypto-liquidity arrangements now that two money-center banks are circling the same provider.
Payward's banking streak: five days, three moves
| Date | Move | Status and figures |
|---|---|---|
| Oct 2, 2026 | BNY partnership talks reported | Six business lines; unconfirmed, no guarantee of a deal |
| Oct 5, 2026 | Singapore Gulf Bank deal signed | 24/7 USD settlement; SGB Net clears $20B+ in fiat per month |
| Oct 7, 2026 | Wells Fargo liquidity talks reported | Payward as liquidity provider; both sides declined comment |
| Sep 2026 | Nasdaq's $100M investment agreed | Reported $21B valuation; Wells Fargo was Nasdaq's adviser |
MarketRadar take
Constructive for Payward's institutional business. Three banking approaches in five days is an unusually dense cluster, showing where the industry's growth sits: selling liquidity, settlement and custody rails to banks that need crypto exposure without building it. The signed Singapore Gulf Bank deal proves the model works; the Wells Fargo and BNY talks are upside. For crypto prices, the read is neutral — this is fee income for an exchange group, not new token demand. The milestone to watch is a signature: one signed money-center bank deal would confirm the pattern, and Wells Fargo would be the biggest name yet.
