BNY Mellon in Talks with Kraken Parent Payward for Infrastructure Partnership
BNY Mellon is in discussions with Payward, the parent company of Kraken, about a potential partnership covering digital assets, custody, trading, and payments. This move could significantly expand Payward's financial infrastructure services.
Key takeaways
- BNY Mellon is in talks with Payward, Kraken's parent company, for a potential infrastructure partnership.
- The partnership could cover digital assets, custody, trading, and payments.
- Payward has recently expanded its financial infrastructure services through acquisitions and partnerships.
- Nasdaq recently invested $100 million in Payward at a $21 billion valuation.
- This move follows a trend of traditional financial institutions entering the crypto space.
BNY Mellon, one of the world's largest financial institutions, is reportedly in talks with Payward, the parent company of the crypto exchange Kraken, to form a comprehensive infrastructure partnership. The potential agreement could cover digital assets, custody, trading, payments, and other financial-market infrastructure services. This collaboration aims to leverage BNY Mellon's extensive financial services expertise and Payward's growing presence in the crypto space.
What This Partnership Could Mean for the Crypto Industry
A partnership between BNY Mellon and Payward could mark a significant step in the integration of traditional financial services with the crypto industry. BNY Mellon's vast experience in custody and trading could provide Payward with the tools needed to offer more robust services to its clients. This move also follows a trend of traditional financial institutions expanding into the digital asset space, as seen with UniCredit's recent search for crypto infrastructure partners.
Why the Timing Matters
The timing of this potential partnership is notable, as Payward has been actively expanding its financial infrastructure services. Recent deals, such as the acquisition of Magic Labs' wallet business and the partnership with Hyperliquid for crypto perpetuals, indicate Payward's strategic push to become a comprehensive financial services provider. Additionally, Nasdaq's recent $100 million investment in Payward at a $21 billion valuation highlights the growing interest and confidence in Payward's capabilities [/articles/2026-09-10-nasdaq-invests-100m-in-kraken-parent-payward-at-21b-valuation].
What to Watch Next
If the partnership between BNY Mellon and Payward materializes, it could set a precedent for other traditional financial institutions to explore similar collaborations. For crypto investors, this could mean more secure and diverse financial services options. Keep an eye on regulatory developments, as any changes in the regulatory landscape could impact the scope and nature of such partnerships.
Frequently asked questions
What services could the BNY Mellon and Payward partnership cover?
The potential partnership could cover digital assets, custody, trading, payments, and other financial-market infrastructure services.
Why is BNY Mellon exploring a partnership with Payward?
BNY Mellon is exploring this partnership to leverage Payward's growing presence in the crypto space and expand its own financial services offerings.
What recent developments have occurred within Payward?
Payward has recently acquired Magic Labs' wallet business and partnered with Hyperliquid for crypto perpetuals, in addition to receiving a $100 million investment from Nasdaq.
How might this partnership impact the crypto industry?
This partnership could mark a significant step in the integration of traditional financial services with the crypto industry, potentially offering more secure and diverse financial services options for crypto investors.