Payward Eyes Global Banking Expansion for Kraken

Payward, the parent company of Kraken, is expanding its financial services beyond traditional cryptocurrency trading and custody. The move could see Kraken offer banking services to institutions globally.

The company already operates Kraken Financial, a Wyoming-chartered bank serving institutional clients. This structure provides regulated custody and deposit services while keeping customer assets separate.

Payward's recent launch of qualified custody through Kraken Institutional has targeted institutions seeking regulated infrastructure for storing and managing digital assets.

This move could appeal to financial firms entering digital assets cautiously, as the structure is designed around full reserves and continuous access to customer deposits.