Kraken parent Payward explores obtaining full banking license outside the US

Payward, the parent company of cryptocurrency exchange Kraken, is exploring options to obtain a full banking license in jurisdictions outside of the United States. Speaking at the Wyoming Blockchain Symposium in August 2026, co-CEO Dave Ripley stated that the company aims to expand beyond crypto trading into asset management and banking. While Payward operates Kraken Financial as a Wyoming-chartered Special Purpose Depository Institution, it lacks lending capabilities and FDIC insurance, driving its pursuit of conventional banking status internationally.

Payward international banking license pursuit

• ▪Payward and Kraken co-CEO Dave Ripley did not specify which jurisdictions or 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 into becoming a full bank in geographies outside the United States.
• ▪Payward, the parent company of cryptocurrency exchange Kraken, is exploring options to obtain a full banking license in jurisdictions outside of the United States.

Kraken Financial Wyoming SPDI operations

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

Expanded financial services strategy

• ▪Payward Chief Commercial Officer Mark Greenberg stated that the company hopes to eventually expand its financial services to offer mortgages to its clients.
• ▪Payward is focusing its business strategy on three core product areas: trading, banking, and asset management.
• ▪Payward and Kraken co-CEO Dave Ripley stated that securing conventional banking status would allow the company to offer more of its financial products to a wider customer base.