BNY in talks with Kraken parent Payward over infrastructure partnership
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Summary
BNY Mellon is in discussions with Payward, the parent company of crypto exchange Kraken, to establish a broad financial-infrastructure partnership covering digital assets, custody, trading, payments, and wealth management. The potential deal could mirror Payward's recent infrastructure agreement with Nasdaq. Both parties have declined to comment, and no agreement is guaranteed.
Why it matters
The partnership could enhance the integration of Payward’s digital-asset operations with traditional financial institutions, expanding the infrastructure available for institutional clients. This development reflects ongoing efforts by major banks like BNY Mellon to push into digital-asset and onchain settlement infrastructure.
Key context
Payward recently agreed to a $100 million Nasdaq Ventures investment, valued at $21 billion, to collaborate on tokenized equity platforms launching in 2027. Payward Services provides financial infrastructure to banks and asset managers, while BNY has been developing tokenized deposits for near-real-time institutional settlement. Payward has expanded through acquisitions, including U.S. crypto derivatives and stablecoin payment companies. Payward also delayed its planned IPO to mid-2027 amid market challenges.
Key numbers and entities
Organizations: BNY Mellon, Payward, Kraken, Nasdaq, Nasdaq Ventures Figures: Nasdaq's $100 million investment in Payward at $21 billion valuation; Payward’s $550 million acquisition of Bitnomial; $600 million acquisition of stablecoin company Reap; $1.5 billion acquisition of NinjaTrader. No individual figures or additional tickers mentioned.
What remains unclear
The exact terms, scope, and timeline of the proposed BNY-Payward partnership remain undisclosed. It is also unclear how the potential deal would specifically leverage or differ from Payward’s Nasdaq agreement or how it might affect end users and the broader market.