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BNY is in active discussions with Payward, the parent company of crypto exchange Kraken, over a potential partnership that would span digital assets and financial-market infrastructure. Nothing is signed yet. But the scope being discussed is pretty wide.
Why It Matters
This potential partnership between BNY and Payward highlights the increasing convergence of traditional financial institutions and the cryptocurrency sector, signaling a growing acceptance of digital assets within mainstream finance. As banks seek to enhance their service offerings and adapt to evolving market demands, collaborations like this could pave the way for more comprehensive crypto-related financial products and services, ultimately fostering greater institutional participation in the digital asset space. Additionally, it underscores the importance of robust infrastructure in supporting the expanding ecosystem of digital finance.
The talks cover crypto products, custody, wealth management, trading, payments, and infrastructure. Payward runs a business-to-business arm called Payward Services, which already caters to banks, exchanges, and asset managers — so BNY wouldn’t be its first institutional client. If a deal lands, it would likely deepen Payward’s push to embed digital assets directly into the plumbing of traditional finance. BNY, for its part, is already chasing tokenized deposits that would allow near-real-time onchain settlement, so the fit isn’t exactly random. The two sides are still talking, and no definitive agreement has come out of it.
Not yet, anyway.
Nasdaq’s $100 Million Bet Sets the Template
The BNY discussions are happening in the shadow of a bigger, already-confirmed deal. Last month, Nasdaq Ventures put $100 million into Payward, valuing the company at $21 billion. That’s a serious number for a crypto firm that hasn’t gone public yet. As part of that arrangement, Nasdaq and Payward are working together on something called Nasdaq Equity Tokens — a project aimed at linking Nasdaq’s regulated markets with Payward’s xStocks ecosystem. The goal is to preserve shareholder rights and regulatory compliance while opening tokenized equities to a broader audience. The launch is currently targeted for 2027.
The BNY talks are expected to mirror aspects of the Nasdaq collaboration, particularly on the infrastructure side. So Payward seems to be building a playbook: bring in a major institutional name, build shared infrastructure, and expand the reach of digital assets into corners of finance that have historically kept crypto at arm’s length.
And BNY is a pretty significant corner. The bank is one of the largest custody institutions in the world, with deep ties to asset managers, pension funds, and sovereign wealth vehicles. A formal partnership with Payward would give Kraken’s parent company access to a client base that most crypto firms can only dream about.
Payward’s Acquisition Spree Keeps Growing
Payward isn’t just talking its way into traditional finance. It’s buying its way in too. The company acquired Bitnomial, a U.S. crypto derivatives firm, for up to $550 million. It picked up Reap, a stablecoin-payments company, for $600 million. And before either of those, it spent $1.5 billion to acquire NinjaTrader back in 2025 — a retail-focused futures trading platform with a large existing user base.
That’s a lot of money moving fast. The Bitnomial deal bolsters Payward’s derivatives capabilities. Reap adds stablecoin-payment infrastructure. NinjaTrader brought futures trading to the table. Together, the acquisitions sketch out a company trying to build something closer to a full-stack financial-services platform than a crypto exchange.
It’s an ambitious picture. Spot crypto, derivatives, tokenized equities, stablecoin payments, and now possibly institutional custody through BNY — Payward is clearly not thinking small.
But there’s a timing wrinkle. Payward has pushed its initial public offering back to the second quarter of 2027, citing challenging market conditions. That delay is probably smart given how volatile public markets have been for tech and crypto-adjacent firms. Going public into a rough tape rarely ends well. Waiting gives the company room to close out these partnerships, absorb the acquisitions, and show up to the IPO roadshow with a cleaner story.
Unclear whether the BNY talks will be wrapped up before that IPO window opens. No timeline has been given publicly.
What’s clear is that Payward is trying to position itself as the connective tissue between digital asset markets and legacy financial institutions — not just as a crypto exchange with a flashy app, but as infrastructure that banks and asset managers can actually plug into. The Nasdaq deal gave that story some credibility. A deal with BNY would give it a lot more.
Payward’s xStocks ecosystem sits at the center of the Nasdaq Equity Token project, with both companies working toward a 2027 launch.
Frequently Asked Questions
What would a BNY and Payward partnership actually cover?
Per the discussions reported, the potential deal would span crypto products, custody, wealth management, trading, payments, and infrastructure, delivered through Payward Services to institutional clients like banks and asset managers.
How much is Payward currently valued at?
Nasdaq Ventures’ $100 million investment last month valued Payward at $21 billion.
