Kraken Parent Eyes Conventional Banking Licenses Abroad

Payward, the parent company of cryptocurrency exchange Kraken, is expanding its services beyond crypto trading into payments, lending, custody, and asset management. The company is exploring conventional banking licenses outside the US, with a goal to become a full bank in some international markets.

In an interview at the Wyoming Blockchain Symposium 2026, Dave Ripley, co-CEO of Payward and Kraken, said that becoming a full bank would allow the company to offer services like payments and money movement, lending, yield generation, and custody under one regulated structure. This would enable customers to access both digital assets and conventional financial products without moving their funds between separate providers.

Ripley emphasized that 'banking' is not just about providing loans or deposits, but also encompasses other financial services like payments, money movement, and yield generation. He noted that Payward's existing entity, Kraken Financial, has a Wyoming charter as a Special Purpose Depository Institution (SPDI), allowing it to provide digital asset custody and deposit accounts for institutional clients.

However, the current limitations of Kraken Financial mean it cannot lend customer fiat deposits or offer Federal Deposit Insurance Corporation coverage. Payward is now seeking conventional banking licenses to overcome these restrictions and expand its services.