Kraken Parent Payward Weighs Bank License Outside the US

Payward, the parent company of cryptocurrency exchange Kraken, is considering obtaining a full banking license outside the US.

Dave Ripley, co-chief executive officer of Payward and Kraken, told the Wyoming Blockchain Symposium 2026 that the company is exploring becoming a fully licensed bank in some markets beyond the US, The Block reported on Aug. 20. "The US is not the immediate focus," he said.

Ripley did not identify the countries under review or specify what type of license Payward is considering. He described trading, banking and wealth management as the company’s core business lines.

"Banking means payments and money movement, lending, yield generation and custody," Ripley said. "We already do all four." The company aims to expand beyond crypto trading into broader financial services.

Payward currently operates Kraken Financial under a special purpose depository institution, or SPDI, charter in Wyoming. Launched in March 2024, Kraken Financial provides digital-asset custody and deposit account services to institutional clients.

Unlike a traditional commercial bank, it cannot use customer fiat deposits to make loans, and its accounts are not insured by the Federal Deposit Insurance Corp. Earlier this year, it also became the first crypto company to obtain limited access to a Federal Reserve master account, allowing it to access part of the central bank’s payment system.

Payward is also weighing a broader expansion of its financial-services offerings. Mark Greenberg, the company’s chief commercial officer, said he hopes it will eventually be able to offer mortgage services if clients want them.