Kraken parent Payward is scouting overseas bank licenses, co-CEO Ripley said, as it pushes lending and custody services beyond its core crypto exchange business.
Payward, the parent company of Kraken, is looking at banking services outside the U.S. as part of a push to become a broader financial services firm.
Speaking at the Wyoming Blockchain Symposium 2026, co-CEO Dave Ripley said Payward is actively assessing where it could operate as a full bank, though the U.S. is not the first target. The company is focusing on three major product areas: trading, banking and asset management, Ripley said. He described banking as a combination of payments, lending, yield and custody, and noted that Payward already performs all four functions in various forms.
Payward operates Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution launched in March 2024. The entity is authorized to offer digital asset custody and institutional deposit accounts, but it cannot lend fiat and lacks FDIC insurance. Earlier this year, Kraken Financial secured a limited-purpose Federal Reserve master account, giving Payward access to parts of the central bank's payment system. It was the first time a crypto firm obtained that kind of access.
Ripley said obtaining conventional banking status in other jurisdictions could help Payward offer more of its financial products to a wider customer base. Broader licensing would allow the company to scale services that users already rely on, he said.
Chief Commercial Officer Mark Greenberg also spoke, highlighting additional long-term possibilities. He said Payward could eventually offer products such as mortgages if regulatory pathways open up. No specific jurisdictions or timelines were disclosed.
The remarks come as Payward reported adjusted revenue of $508 million in Q2 2026, a 17% year-over-year increase. Adjusted EBITDA was positive at $23 million.
Payward also recently announced a collaboration with Broadridge Financial Solutions to extend corporate governance capabilities to holders of xStocks, its tokenized equity framework.
Its stock page carries an Alpha Score of 46/100, with a Mixed label in the Technology sector.
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