Krakan Parent Payward Explores Partnership With BNY

Kraken parent Payward has entered talks with BNY over a potential partnership covering six areas, including crypto custody, trading and payments, according to CryptoNews. Two people familiar with the discussions stated that the proposed arrangement could involve services supplied through Payward Services, the Wyoming-based company’s platform for banks, exchanges, and asset managers.

Potential Cooperation Areas

The ongoing discussions span crypto products, custody, wealth management, trading, payments, and financial infrastructure. According to the report, the potential relationship covers several business lines rather than a single crypto product, with parts of the negotiations resembling the infrastructure work included in Payward’s recent agreement with Nasdaq Ventures.

The talks remain ongoing, with no guarantee that the companies will reach a final agreement. Payward’s business-to-business platform offers financial companies access to services that support Kraken and its other business operations, which include spot crypto trading, derivatives, tokenized equities, custody, staking, payments, and traditional securities.

Institutional Frameworks

BNY, formerly known as Bank of New York Mellon, provides custody, asset servicing, clearing, and wealth management for institutional clients. The bank's digital cash program already involves institutional clients and financial-market infrastructure providers.

Payward has recently completed acquisitions to add regulated U.S. derivatives and stablecoin payment services to its operations, including the purchase of Bitnomial and NinjaTrader, alongside an asset purchase agreement for Magic Labs' wallet business.

Key facts

• Payward has entered talks with BNY over a potential partnership covering six areas.
• The proposed arrangement could involve services supplied through Payward Services.
• Discussions remain ongoing with no guarantee of a final agreement.
• Cooperation areas include crypto custody, trading, payments, wealth management, and infrastructure.