Kraken Parent Payward Eyes Global Banking Expansion

Kraken's parent company Payward is expanding its financial services beyond cryptocurrency trading. The company is exploring full banking licenses in international markets, excluding the US. Payward already provides a range of financial services through its businesses globally, including payments, lending, and custody.

Payward's co-CEO Dave Ripley identified three core areas for growth: trading, banking, and asset management. He described banking as encompassing payments and money transfers, lending, yield products, and custody services, all of which Payward already provides in some form.

Ripley noted that a full banking license could allow the company to offer more traditional financial services to customers, although he did not specify what these might be. Kraken Financial, operated by Payward under a Wyoming charter, is currently limited in its ability to lend customer fiat deposits or receive Federal Deposit Insurance Corporation coverage.