Kraken Parent Expands Banking Reach Beyond US

Payward, the parent company of Kraken, is exploring expansion beyond the US to offer full-bank services. This move could broaden Kraken's financial services beyond traditional cryptocurrency trading and custody into regulated deposit and banking products.

Kraken Financial already operates as a Wyoming-chartered bank for institutional clients, providing regulated custody and deposit services while keeping customer assets separate.

Recently, Kraken Institutional launched qualified custody that integrates with Kraken's broader product ecosystem. This allows clients to manage transfers and asset management through a unified interface.