Wells Fargo, one of the largest banks in the US, is reportedly in talks with Payward, the parent company of Kraken, to expand its operations in the cryptocurrency market. According to sources close to the matter, Payward could become the bank’s liquidity provider for digital asset transactions.
Liquidity providers help large transactions be completed without causing excessive price fluctuations in the market by offering constant prices for buy and sell orders. In a potential collaboration, Wells Fargo clients’ orders could be placed through the bank interface, while the necessary cryptocurrency liquidity could be provided by Payward.
Such a model could allow the bank to offer digital asset transactions to its clients without building a cryptocurrency exchange infrastructure from scratch. Payward, in turn, could leverage Kraken’s spot and derivatives markets, as well as its custody, staking, tokenized equity, and institutional trading infrastructure.
Wells Fargo already provides access to spot Bitcoin ETFs to eligible asset management clients. The bank is also working on blockchain-based deposit projects and is part of a consortium of banks aiming to develop a dollar stablecoin. The company has previously invested in crypto compliance firm Elliptic and transaction technology provider Talos.
Wells Fargo acted as a capital markets advisor in Nasdaq’s $100 million investment deal for Payward. This connection may have helped the bank gain a close understanding of Payward’s corporate background.
However, the talks have not yet resulted in a definitive agreement. Neither company has commented officially on the news, and the terms of the deal have not been disclosed. There is no confirmed decision on whether Payward will provide liquidity to Wells Fargo or whether the bank will launch a direct cryptocurrency trading service.
*This is not investment advice.
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