BNY Mellon, Kraken Parent Payward Discuss Digital Asset Partnership

US-based custody bank BNY Mellon is reportedly in private discussions with Payward, the parent company of crypto exchange Kraken, regarding a comprehensive partnership in digital assets and financial market infrastructure. The scope of these discussions may encompass crypto products, custody services, wealth management, trading, payments, and infrastructure.

This potential collaboration could mirror Payward's recent arrangement with Nasdaq, which aims to advance tokenized equities. Payward has been expanding its services beyond cryptocurrency trading into broader financial services.

Nasdaq Ventures recently announced a $100 million investment in Payward at a $21 billion valuation, signaling an deepening collaboration on tokenized equities. This move extends beyond spot crypto trading, as Kraken Pro already supports stocks and ETFs.

BNY Mellon has also been developing tokenized deposits for near-real-time on-chain settlement among institutional market participants, aligning with its wider strategic focus on digital asset infrastructure.