Kraken parent Payward explores obtaining full banking license outside the US

Payward, the parent company of cryptocurrency exchange Kraken, is exploring obtaining a full banking license in international jurisdictions outside the United States. Co-CEO Dave Ripley announced the plans at the Wyoming Blockchain Symposium in August 2026, highlighting trading, banking, and asset management as core focus areas. While Payward operates Kraken Financial in Wyoming under a limited SPDI charter, securing a conventional license abroad would enable broader lending, yield, and custody services.

Payward international banking license pursuit

• ▪Payward, the parent company of cryptocurrency exchange Kraken, is exploring options to obtain a full banking license in jurisdictions outside of the United States.
• ▪Payward co-CEO Dave Ripley did not specify which jurisdictions or specific banking licenses the company is pursuing for its international banking expansion.
• ▪Payward and Kraken co-CEO Dave Ripley announced at the Wyoming Blockchain Symposium in August 2026 that the company is looking to become a full bank in geographies outside the United States.

Kraken Financial Wyoming SPDI operations

• ▪In early 2026, Kraken Financial became the first crypto company to receive a limited-purpose Federal Reserve master account, allowing access to parts of the central bank's payment system.
• ▪Kraken Financial cannot lend customers' fiat deposits and its accounts are not insured by the Federal Deposit Insurance Corporation, unlike conventional commercial banks.
• ▪Payward operates Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution launched in March 2024 to offer digital asset custody and deposit accounts for institutions.

Expanded financial services strategy

• ▪Payward is focusing its business strategy on three core product areas: trading, banking, and asset or wealth management.
• ▪Payward co-CEO Dave Ripley stated that securing conventional banking status would allow the company to expand its payments, lending, yield, and custody products to more users.
• ▪Payward Chief Commercial Officer Mark Greenberg stated that the company hopes to eventually expand its financial services to offer mortgages to clients.