BNY is reportedly in talks with Payward, the parent company of the Kraken crypto exchange, to establish a financial infrastructure partnership. While the specific details of the potential deal remain undisclosed, the collaboration would integrate a major Wall Street bank into Payward's existing network of traditional finance partners.
Payward has recently expanded its institutional reach. On September 3, 2026, the company partnered with SoFi to enable 24/7 USD settlements and list SoFiUSD on Kraken. Shortly after, on September 10, Nasdaq Ventures invested $100 million in Payward, valuing the firm at $21 billion. This investment coincides with Nasdaq's development of Equity Tokens, scheduled for a Q2 2027 launch.
The firm's financial performance shows growth, with Payward reporting $508 million in adjusted revenue for Q2 2026, marking a 17% increase year-over-year. Beyond current negotiations, Payward is exploring tokenized equities with the London Stock Exchange and has previously collaborated with Franklin Templeton on yield products.
BNY has been active in the digital asset space, having launched tokenized deposit services for institutional clients in January 2026 in partnership with ICE and Citadel Securities. Despite the current discussions, the two companies previously experienced legal friction in June 2026, when Payward Oceanic Ltd. sought discovery from BNY Mellon.
