Payward explores international banking expansion for Kraken

Payward, the parent company of the cryptocurrency exchange Kraken, is exploring the possibility of becoming a full bank in a market outside the United States. This strategic evaluation aims to move the company beyond its current reliance on third-party banking partners, potentially allowing it to take deposits, hold customer funds directly, and offer integrated payment and account services under its own banking license.

This international expansion follows the company’s existing regulated activities, such as Kraken Financial, a Wyoming-chartered bank that serves institutional clients. Kraken has recently focused on building institutional infrastructure, including the launch of qualified custody services through Kraken Institutional to meet the rising demand for secure digital asset management.

While Payward has previously pursued U.S. licensing through a national trust company charter application, this specific exploration is focused on non-U.S. jurisdictions. The company has not yet disclosed the specific locations, licensing timelines, or the exact structure of the proposed banking entity.