Crypto07 October, 20262 min read
Wells Fargo Negotiates With Payward, Kraken Parent, For Crypto Trading Liquidity
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Wells Fargo is in negotiations to obtain crypto trading liquidity from Payward, Kraken's parent. Payward would provide liquidity via a 'rent the rails' arrangement using Kraken Prime.
5 outlets told this the same way.
Wells Fargo seeks crypto liquidity
Wells Fargo has begun talks with Payward, the parent company of Kraken, to obtain crypto trading liquidity, with the discussions still in the negotiation phase and no deal confirmed. CoinDesk reported that the talks would see Wyoming-based Payward supply liquidity for trading in crypto assets, while Wells Fargo keeps its client relationships and brand.
CoinDesk said Payward and Wells Fargo both declined to comment, and the people with direct knowledge spoke on condition of anonymity because the matter is private. CoinDesk also tied the potential liquidity arrangement to Wells Fargo’s existing digital-asset footprint, including that the bank advised Nasdaq on its $100 million investment in Payward and deepened collaboration on tokenized equities and market surveillance.
“Rent the rails” model
A “rent the rails” model has Payward route and price trades via Kraken Prime while Wells Fargo keeps its client relationships and brand. The proposed arrangement is not a custody mandate or a balance-sheet Bitcoin purchase, and it frames Payward as an execution-layer crypto liquidity provider.
Payward Services offers financial institutions, exchanges and asset managers access to crypto trading liquidity, custody, payments and settlement infrastructure. Payward’s earlier bank partnerships include that on September 3, 2026, Payward and SoFi announced an agreement giving SoFi users access to Kraken Prime liquidity and featuring 24/7 dollar settlement within SoFi’s network.
Regulatory and partnership stakes
CoinDesk linked the shift toward bank-crypto partnerships to a “friendlier U.S. regulatory environment” during President Donald Trump’s administration, and it cited the GENIUS Act signed by Trump in July 2025 as establishing a federal framework for payment stablecoins. Neither company has officially confirmed the talks, while Payward’s reported $508 million in adjusted revenue for Q2 2026 and 6.6 million funded accounts were highlighted.
Payward’s liquidity infrastructure includes both spot and futures markets, enabling clients to execute trades more efficiently and at lower transaction costs. Wells Fargo already offers Bitcoin spot ETFs to eligible wealth-management clients and has invested in Elliptic and Talos, placing the Payward liquidity talks within a broader set of crypto initiatives that do not guarantee a new product launch.