Wells Fargo in talks with Kraken parent Payward over crypto trading liquidity

Wells Fargo is in talks with Payward, the parent company of crypto exchange Kraken, about supplying liquidity for crypto trading, CoinDesk reported on Oct. 7, citing two people with direct knowledge of the matter. If a deal happens, it would be one of the clearest signs yet that Wells Fargo crypto plans are moving beyond ETFs and pilot projects toward something closer to real trading infrastructure.

Both companies declined to comment to CoinDesk, and the people familiar with the talks cautioned that the discussions may not lead to an agreement. Still, the report fits a pattern. Big US banks that once kept crypto firms at arm's length are now treating them as business partners.

What happened

According to CoinDesk, Payward is negotiating to become a crypto liquidity provider for Wells Fargo, one of the largest banks in the United States. In plain terms, Payward would supply the buy and sell orders that let trades in crypto assets get filled quickly and at fair prices.

The report did not say when a deal might be signed, what assets would be covered, or whether Wells Fargo customers would eventually be able to buy crypto directly through the bank. Crypto Briefing, which followed up on the CoinDesk story, also noted that neither company has officially confirmed the discussions and that no details on timing, scope or terms have been made public.

So the honest summary is this: talks are underway, nothing is final, and the most important details are still unknown.

What a liquidity provider actually does

When you buy bitcoin on an app, someone has to sell it to you. A liquidity provider makes sure there is always a deep pool of buyers and sellers ready, so trades go through without big price jumps.

Banks rarely build this from scratch. As CoinDesk explained, crypto exchanges often serve as the gateway to liquidity for banks and large investors. Coinbase Prime, for example, pulls liquidity from many markets into one place, while Kraken offers banks technology that lets them add crypto trading to their own platforms.

For a bank like Wells Fargo, partnering is faster and less risky than building its own trading desk for digital assets. Crypto Briefing described outsourcing liquidity as a lower risk way to test customer demand, though it would make the bank dependent on an outside partner.

Why this matters for Wells Fargo crypto plans

Wells Fargo has been inching into digital assets for a while. According to CoinDesk, the bank already:

• Offers spot bitcoin ETFs to eligible wealth management clients
• Has invested in Elliptic, a crypto compliance firm, and Talos, a trading technology provider
• Has announced plans for blockchain based deposits
• Has joined a group of banks working on a dollar stablecoin
• Hired former Citi banker Mark Gracia this year to build out its digital assets team

The bank also has an existing relationship with Payward. Wells Fargo acted as exclusive capital markets adviser to Nasdaq on its September agreement to invest $100 million in Payward, according to CoinDesk. Crypto Briefing reported that the investment valued Payward at $21 billion.

A liquidity deal would be a step up from all of this. ETFs let clients get price exposure without touching actual coins. Liquidity for crypto trading suggests the bank is preparing for something more direct, even if the final shape is not yet clear. If you are new to how those funds work, our explainer on bitcoin ETFs and how they differ from owning bitcoin covers the basics.

Kraken's growing bank business

For Payward, Wells Fargo would be the latest name on a growing list of traditional finance partners.

Payward runs a business arm called Payward Services that sells infrastructure to banks, fintech apps, brokerages and payment companies. Its products span spot crypto, derivatives, tokenized stocks, custody, staking and traditional securities.

Crypto Briefing pointed to several recent moves:

• SoFi: In early September, SoFi users gained access to Kraken Prime liquidity, with round the clock dollar settlement inside SoFi's network.
• BNY: CoinDesk reported on Sept. 30 that Payward is also in talks with BNY about a broad partnership that could cover crypto products, custody, wealth management, trading and payments.
• Acquisitions: Payward has bought companies including NinjaTrader and Bitnomial to strengthen its regulated futures and derivatives offerings.

Payward reported $508 million in adjusted revenue for the second quarter of 2026, up 17% from a year earlier, with 6.6 million funded accounts, according to Crypto Briefing.

Why banks are warming up to crypto firms

Not long ago, many crypto companies struggled even to open a bank account. CoinDesk noted that Anchorage Digital's CEO told the Senate Banking Committee in February 2025 that more than 40 banks had turned down its account requests, even though one of its subsidiaries holds a federal bank charter.

That climate has changed. CoinDesk credits a friendlier US regulatory approach under President Trump with encouraging big lenders to work with firms like Payward. The GENIUS Act, signed in July 2025, created the first federal framework for payment stablecoins, and regulators are now racing to finish the rules that put it into practice. Just this week, the Treasury also dropped proposed reporting rules for crypto mixers and unhosted wallets, another sign that Washington is easing pressure on the industry.

Who is affected

Wells Fargo customers

Nothing changes for now. There is no announced product, no date and no confirmation that retail customers will ever be able to trade crypto through the bank. If that does happen, it would put crypto alongside checking accounts and retirement savings in an app millions of people already use.

Crypto investors

A major bank buying crypto liquidity at scale could add steady institutional demand over time. It also adds a layer of legitimacy that some cautious investors have been waiting for. That said, a bank partnership does not make crypto less volatile. Prices can still swing hard in a single day.

Kraken and its rivals

For Kraken, bank partnerships build a business that does not depend only on retail trading fees, which rise and fall with market mood. For rivals like Coinbase, it means more competition for the same pool of bank clients.

What to do if you are thinking about crypto

Headlines about big banks can make crypto feel safer than it is. A few practical points:

• Only invest money you can afford to lose. Bank interest does not change the underlying risk of the assets.
• Understand how you would hold your coins. Our guide to how crypto wallets work explains the tradeoffs between keeping coins on an exchange and holding them yourself.
• Watch for scams. Big news often brings fake "bank crypto" offers and impersonators. Learn how to spot a crypto scam before you click anything.

What to watch next

The key question is whether Wells Fargo or Payward confirms the talks, and whether a deal is signed at all. Also watch the status of Payward's discussions with BNY, how the SoFi integration performs, and what Payward's next quarterly report says about growth in its business with banks and fintechs.

More broadly, watch whether other large banks follow with similar partnerships. If several do, crypto trading could become a standard feature of mainstream banking apps within a few years.

For more updates, visit our crypto section.

Frequently asked questions

Is Wells Fargo launching crypto trading?

Not yet. CoinDesk reported that Wells Fargo is in talks with Kraken's parent company Payward about crypto trading liquidity, but no deal or product has been announced, and the talks may not result in an agreement.

What is Payward?

Payward is the parent company of the Kraken crypto exchange. It also sells trading, custody and payment infrastructure to banks, fintech apps and brokerages through its Payward Services division.

Can Wells Fargo customers buy crypto today?

According to CoinDesk, Wells Fargo offers spot bitcoin ETFs to eligible wealth management clients. Direct crypto trading for regular customers has not been announced.

Why are banks partnering with crypto exchanges?

Partnering lets banks offer crypto services without building their own trading systems. A friendlier US regulatory climate and new federal stablecoin rules have also made these deals easier.