TL;DR
Get hardware and tech essentials delivered free — and shop member deals
- Fast, free delivery on millions of items
- Access to Prime Big Deal Days deals on October 6–7
- Prime Video, Amazon Music and more included
BNY and Payward, the parent company of Kraken, are discussing a possible broad infrastructure partnership, according to two people familiar with the talks. The discussions are ongoing, and neither company has confirmed a deal or guaranteed that one will be reached.
BNY is in discussions with Payward, the parent company of crypto exchange Kraken, about a potential partnership covering digital assets and broader financial infrastructure, according to two people familiar with the matter. The talks could bring the custody bank and the crypto company together across services such as custody, trading, payments and wealth management, but no agreement has been reached.
The proposed collaboration could involve products and services provided through Payward Services, Payward’s business-to-business platform for banks, exchanges and asset managers. The people familiar with the discussions said possible areas include crypto products, custody, wealth management, trading, payments and infrastructure. They did not describe a final scope, commercial terms or a timetable.
One person said parts of the possible arrangement could resemble the infrastructure component of Payward’s recent commercial agreement with Nasdaq. That comparison is limited to a possible model for the infrastructure work; it does not establish that BNY and Payward have agreed to replicate Nasdaq’s arrangement. The source spoke anonymously because the talks are private.
Payward and BNY declined to comment, according to the report. The discussions are ongoing, and the people familiar with them said there is no guarantee the parties will reach an agreement. The existence of talks is not confirmation that any service, product or joint project will be launched.
A Bridge Between Bank and Crypto Services
A partnership could connect BNY’s institutional custody and servicing business with Payward’s digital-asset and financial-services platforms. If the parties reach a deal, that combination could be relevant to institutional clients seeking ways to manage digital assets alongside established financial services. At this stage, however, that is a potential outcome of the discussions, not a confirmed offering.
The talks also point to Payward’s effort to serve businesses beyond its crypto exchange operations. Its Payward Services platform targets banks, fintechs, brokerages and payment companies, while BNY works with institutional clients across custody, asset servicing, clearing and wealth management. A deal could widen the range of infrastructure available to clients, but the extent of any overlap or new capability remains unknown.
For BNY, engagement with a crypto-focused company would sit alongside its own work on digital-asset infrastructure, including tokenized deposits intended to support near-real-time onchain settlement between institutional market participants. Whether a Payward partnership would use those deposits, connect to them or remain separate has not been disclosed.
cryptocurrency custody hardware wallet
As an affiliate, we earn on qualifying purchases.
As an affiliate, we earn on qualifying purchases.
Payward’s Nasdaq Infrastructure Agreement
The possible BNY discussions follow a recent agreement between Payward and Nasdaq. Nasdaq Ventures agreed last month to invest $100 million in Payward at a $21 billion valuation, while the companies expanded their collaboration on tokenized equities. Under that agreement, they plan to develop operational and commercial infrastructure for Nasdaq Equity Tokens, and Payward is to adopt Nasdaq market-surveillance technology across several trading venues.
The companies expect Nasdaq Equity Tokens to launch in the second quarter of 2027. The initiative is intended to connect Nasdaq’s regulated markets with Payward’s xStocks ecosystem while preserving shareholder rights, regulatory protections and issuer control. That existing arrangement provides a point of comparison for the BNY talks, but no equivalent BNY project has been announced.
Payward operates Kraken and a growing set of trading, payments and infrastructure businesses. Its offerings include spot crypto, derivatives, tokenized equities, custody, staking, payments and traditional securities. It has also pursued acquisitions, including a planned purchase of U.S. crypto derivatives firm Bitnomial for up to $550 million and a $600 million deal for stablecoin-payments company Reap, following its approximately $1.5 billion acquisition of NinjaTrader in 2025.
“The potential agreement could cover digital-asset products, custody, wealth management, trading, payments and infrastructure.”
— Two people familiar with the talks, as reported by CoinDesk
As an affiliate, we earn on qualifying purchases.
Scope and Terms Remain Undisclosed
The talks are private and no final agreement has been announced. It remains unclear which services, if any, the parties would include; how their systems would connect; whether the arrangement would involve a commercial investment; and when a deal or launch might occur. Neither BNY nor Payward has publicly confirmed the discussions or provided details.
It is also not clear whether a potential partnership would involve BNY’s tokenized-deposit work, Payward’s Nasdaq-related infrastructure, or a separate set of services. The sources’ reference to Nasdaq describes a possible resemblance in one infrastructure component, not a confirmed design for the BNY discussions.
As an affiliate, we earn on qualifying purchases.
Watch for a Formal Partnership Announcement
The next meaningful development would be confirmation from BNY or Payward that they have reached an agreement, along with details of its scope, timing and intended users. Until either company comments or a deal is announced, the talks should be treated as ongoing and subject to change.
Payward and Nasdaq have separately said they expect Nasdaq Equity Tokens to launch in the second quarter of 2027. That timetable belongs to the Nasdaq project and does not set a deadline for the BNY discussions. No public milestone or expected decision date for a BNY-Payward partnership has been reported.
As an affiliate, we earn on qualifying purchases.
Key Questions
Have BNY and Payward signed a partnership?
No agreement has been announced. The report says the companies are in ongoing talks, and sources said there is no guarantee they will reach a deal.
What could the potential partnership cover?
People familiar with the discussions said possible areas include digital-asset products, custody, wealth management, trading, payments and infrastructure. The final scope, if an agreement is reached, is not known.
What is Payward Services?
Payward Services is Payward’s business-to-business platform, which offers infrastructure to organizations such as banks, exchanges and asset managers.
Is the possible BNY deal part of the Nasdaq agreement?
No such connection has been confirmed. A source said parts of the proposed BNY arrangement could resemble the infrastructure component of Payward’s recent Nasdaq agreement, but the companies have not described a shared project.
When could the partnership begin?
No start date or decision timetable has been disclosed. The second-quarter 2027 target reported for Nasdaq Equity Tokens applies to the separate Nasdaq-Payward initiative, not to the BNY discussions.
Source: rss
Halloween Picks
halloween
As an affiliate, we earn on qualifying purchases.
