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BTC Wells Fargo and Kraken's parent company Payward negotiate crypto business cooperation
According to people familiar with the matter, Wells Fargo, one of the largest banks in the United States, is negotiating with Payward, the parent company of cryptocurrency exchange Kraken, to expand its business presence in the cryptocurrency market. Sources pointed out that Payward is expected to become a liquidity provider for the bank's digital asset transactions.
Cooperation Model and Market Significance
Liquidity providers help large-value transactions successfully complete by providing continuous quotations for buy and sell orders, thereby avoiding violent price fluctuations in the market. Under the potential cooperation framework, trading orders from Wells Fargo customers can be submitted through the bank interface, while the required cryptocurrency liquidity is supported by Payward.
This cooperation model allows Wells Fargo to provide digital asset trading services to customers without having to build cryptocurrency exchange infrastructure from scratch. At the same time, Payward can also leverage Kraken's existing spot and derivatives markets, custody services, pledge business, tokenized stocks and institutional trading infrastructure to complement resources.
Wells Fargo's Crypto Business Layout
Currently, Wells Fargo has allowed qualified asset management customers to access Bitcoin Spot ETFs. In addition, the bank is advancing blockchain-based deposit projects and is participating in an alliance of banks to jointly develop U.S. dollar stablecoins. Previously, Wells Fargo also invested in cryptocurrency compliance company Elliptic and trading technology provider Talos.
It is worth noting that Wells Fargo served as a capital markets consultant for Nasdaq's $100 million investment in Payward. This past partnership may help Wells Fargo gain a deeper understanding of Payward's corporate background.
Status and Outlook
Although the two sides have engaged, a final agreement has not yet been reached. As of now, neither company has issued official comments on this matter, and the specific terms of the transaction have not been disclosed. There is no final conclusion on whether Payward will officially provide liquidity to Wells Fargo and whether the bank will directly launch cryptocurrency trading services.
