BNY and Payward, the parent company of the Kraken crypto exchange, are currently in discussions regarding a potential partnership to develop global financial infrastructure. The proposed collaboration could encompass a range of services, including cryptocurrency products, asset custody, wealth management, trading, and payment solutions provided through the Payward Services B2B platform.
The potential deal is reportedly similar in scope to an existing infrastructure agreement between Payward and Nasdaq. In September 2024, Nasdaq Ventures announced a $100 million investment in Payward to support the development of tokenized market infrastructure, including the Nasdaq Equity Token framework, which is scheduled for launch in the second quarter of 2027.
Payward is actively expanding its capabilities in derivatives, futures, and tokenized stocks through acquisitions and new banking licenses in the United States and Europe. Co-CEO Arjun Sethi stated that the company is investing billions of dollars to transition into a unified financial platform that integrates banking, trading, and asset management services for corporate clients.
BNY is also focusing on the integration of blockchain technology into traditional banking systems. CEO Robin Vince noted that the bank aims to connect conventional money with tokenized assets and blockchain networks. The institution views the development of infrastructure for digital assets and securities markets as a primary growth opportunity for the coming decade.
