Payward Aims for Full Bank Status to Expand Crypto Services

Kraken's parent company Payward is exploring a path to becoming a full bank, according to co-CEO Dave Ripley. The move aims to expand payments, lending, yield, and asset custody services beyond the United States.

Ripley outlined plans to build a wealth management business and shift existing infrastructure into a modular platform, allowing third-party financial institutions to integrate crypto-related services without building underlying technology themselves.

The focus on non-U.S. markets is notable due to regulatory uncertainties in the U.S., where Payward may be seeking a more favorable environment while still positioning itself for future opportunities if the landscape shifts.