Wells Fargo is in discussions with Payward, the parent company of Kraken, to provide liquidity for cryptocurrency trading, according to two individuals familiar with the matter. Payward, based in Wyoming, would supply trading liquidity for digital assets under a potential agreement. The talks are ongoing and may not lead to a finalized deal. Both Payward and Wells Fargo declined to comment on the reports.

Liquidity providers enable banks and institutional investors to access digital asset markets by aggregating trading venues and executing orders. For example, Coinbase Prime consolidates liquidity across multiple markets, while Kraken offers technology that allows banks to integrate crypto trading into their platforms without developing their own infrastructure.

The potential collaboration reflects a broader trend of traditional financial institutions engaging with established crypto firms amid shifting regulatory conditions. During President Donald Trump's administration, a more accommodating regulatory environment has encouraged major banks to view companies like Payward as commercial partners. In July 2025, the GENIUS Act was signed into law, creating a federal framework for payment stablecoins and offering clearer guidelines for connections between crypto markets and the banking system.

Previously, crypto firms faced difficulty securing banking services; in February 2025, Anchorage Digital CEO Nathan McCauley noted that over 40 banks had rejected account applications despite the company holding a federal bank charter.

Wells Fargo already provides spot bitcoin exchange-traded funds to eligible wealth management clients and has invested in crypto compliance firm Elliptic and trading technology provider Talos. The bank has also announced plans for blockchain-based deposits and joined a consortium developing a dollar-denominated stablecoin. Earlier in 2026, Wells Fargo expanded its digital assets team by hiring former Citi banker Mark Gracia and served as Nasdaq's exclusive capital markets adviser in its $100 million investment in Payward and collaboration on tokenized equities and market surveillance.

Separately, Payward is in talks with BNY, a major custody bank, about a partnership covering crypto products, custody solutions, wealth management, trading, and payments, according to prior reports by CoinDesk.