Wells Fargo eyes crypto trading expansion with Payward

Wells Fargo is planning to expand its cryptocurrency trading capabilities and is in talks with Payward, the parent company of crypto exchange Kraken, to obtain crypto trading liquidity, according to a report by CoinDesk on October 9, 2026. The infrastructure from Payward Services could allow the bank to provide crypto trading services without constructing its own exchange.

The potential deal builds on Wells Fargo's existing presence in digital assets. The bank currently offers spot Bitcoin exchange-traded funds to eligible wealth-management clients. It has also backed crypto compliance firm Elliptic and trading technology provider Talos.

In addition, the bank plans to roll out tokenized deposits this year for corporate and commercial clients. The payment initiative aims to enable around-the-clock fund settlement, initially supporting select transactions between the U.S. dollar and the British pound.

Discussions with Payward remain unconfirmed, and any benefits will depend on final terms, trading activity, and operational costs. The bank also faces risks from regulatory uncertainty, market volatility, and counterparty exposure. Over the past year, shares of Wells Fargo have gained 5.7%, trailing the broader industry growth of 11.2%.