Kraken's Payward Eyes Global Banking Expansion

Payward, the parent company of crypto exchange Kraken, is exploring ways to offer banking services outside the US. According to co-CEO Dave Ripley, this expansion would allow Payward to become a 'full bank' in certain jurisdictions.

In an interview at Wyoming Blockchain Symposium 2026, Ripley said that while they are not immediately pursuing traditional banking status in the US, they are looking into it for other regions. He highlighted the firm's existing capabilities in trading, asset management, and payments, stating 'what is banking? It’s payments and money movement. It’s lending. It’s yield. It’s custody.'

Payward already operates Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution that launched in March 2024. This entity allows for digital asset custody and deposit accounts for institutions but lacks the ability to lend customers' fiat and is not insured by the FDIC.

Ripley sees conventional banking status as crucial for expanding Payward's financial products availability, stating 'it'll just allow us to offer more of those to more users.'