Wells Fargo in Talks with Kraken Parent Payward Over Crypto Liquidity Partnership

On October 8 that, according to CoinDesk, Payward, the parent company of Kraken, is negotiating with US financial giant Wells Fargo to serve as its cryptocurrency liquidity provider. Sources revealed that if the deal is finalized, Payward will provide liquidity support for crypto asset trading to Wells Fargo. Negotiations are currently underway, and both parties declined to comment.

Notably, Wells Fargo has previously offered bitcoin spot ETFs to qualified wealth management clients, invested in crypto compliance firm Elliptic and trading technology provider Talos, and announced initiatives to advance blockchain-based deposit services and a stablecoin consortium project. Additionally, Payward was reported last week to be in negotiations with custody bank giant BNY over broad financial infrastructure collaboration, encompassing crypto products, custody, wealth management, trading, and payment services.