- BNY is in talks with Payward, the Wyoming-based parent company of crypto exchange Kraken, over a potential broad partnership.
- The proposed agreement could cover digital-asset products, custody, wealth management, trading, payments and financial-market infrastructure.
- Discussions remain ongoing, with no guarantee that BNY and Payward will reach a final agreement.
BNY and Payward Discuss Broad Digital-Asset Partnership
Custody banking giant BNY is in talks with Payward, the Wyoming-based parent company of crypto exchange Kraken, about a potential partnership spanning digital assets and financial-market infrastructure, according to two people familiar with the matter.
The proposed agreement could include crypto products, custody, wealth management, trading, payments and infrastructure. These services are offered through Payward Services, Payward’s business-to-business platform for banks, exchanges and asset managers.
One person familiar with the discussions said parts of the potential partnership could resemble the infrastructure component of Payward’s recent agreement with Nasdaq. The person spoke on condition of anonymity because the talks are private.
Negotiations are continuing, and there is no guarantee that BNY and Payward will finalize an agreement. Both Payward and BNY declined to comment on the discussions.
Payward Seeks Greater Institutional Integration
A deal with BNY would support Payward’s effort to connect its digital-asset operations with established financial institutions. Through Payward Services, the company is targeting institutional clients that require crypto-related products and financial infrastructure alongside traditional market services.
BNY, formerly known as Bank of New York Mellon, provides custody, asset servicing, clearing and wealth-management services to institutional clients. Its potential involvement would bring Payward into discussions with a major established provider of financial-market infrastructure.
BNY Expands Digital-Asset Infrastructure
BNY has also been developing tokenized deposits intended to support near-real-time onchain settlement between institutional market participants. The initiative forms part of the bank’s broader expansion into digital-asset infrastructure.
The discussions with Payward come as BNY develops tokenization capabilities while Payward seeks partnerships with traditional financial institutions. The potential collaboration could therefore address multiple parts of the institutional digital-asset ecosystem, from custody and trading to payments and settlement infrastructure.
Why This Matters
The potential BNY-Payward partnership highlights the growing connection between crypto-native companies and established financial institutions. BNY’s existing custody, clearing, asset-servicing and wealth-management businesses could complement Payward’s business-to-business digital-asset platform, although the scope and outcome of the discussions remain uncertain.
The next step is for the two companies to continue private negotiations. No final agreement has been announced, and both parties have declined to comment.
Frequently Asked Questions
Who is Payward?
Payward is the Wyoming-based parent company of crypto exchange Kraken. Its business-to-business platform, Payward Services, provides offerings for banks, exchanges and asset managers.
What could the BNY and Payward partnership cover?
The potential partnership could include crypto products, custody, wealth management, trading, payments and financial-market infrastructure.
Has BNY and Payward’s agreement been finalized?
No. Discussions are ongoing, and there is no guarantee that the companies will reach an agreement. Both Payward and BNY declined to comment.
