BNY and Payward, the parent company of Kraken, are discussing a possible financial-infrastructure partnership, according to a CoinDesk report published October 2, 2026. The discussions are ongoing, and an agreement is not guaranteed. Neither company commented to CoinDesk.
What the discussions could cover
Two people familiar with the matter told CoinDesk that a possible arrangement could span several services for institutional customers. The reported areas include crypto products, custody, wealth management, trading, payments, and infrastructure offered through Payward Services, Payward’s business-to-business platform for banks, exchanges, and asset managers.
One source said parts of a potential agreement could resemble the infrastructure component of Payward’s separate agreement with Nasdaq. These are reported possibilities, not confirmed terms: CoinDesk did not report a signed agreement, launch date, or implementation plan for BNY and Payward.
How the possible arrangement fits each company’s work
Payward is Kraken’s parent
Payward operates businesses across trading, payments, and infrastructure. Payward Services is its business-to-business offering; the reported discussions concern Payward and BNY, rather than an announced consumer product or change to Kraken’s services.
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BNY’s announced work with Galaxy
BNY announced a separate collaboration with Galaxy on August 4, 2026, to advance digital-asset infrastructure for institutional markets. The announcement included support for staking on BNY’s Digital Asset Custody platform, subject to regulatory review. It demonstrates BNY’s separate activity in the area but does not confirm a relationship with Payward. BNY’s announcement
Payward’s announced work with Nasdaq
On September 10, 2026, Payward announced an expanded relationship with Nasdaq. Nasdaq Ventures agreed to invest $100 million in Payward, and the companies said they would advance work on Nasdaq Equity Tokens and market surveillance. Payward said Nasdaq surveillance technology would be adopted across its portfolio of trading venues. The companies said they expected Nasdaq Equity Tokens to launch in the second quarter of 2027. These details apply to the Nasdaq relationship only; they are not terms or a timetable for the BNY discussions. Payward’s announcement
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What is still unknown
CoinDesk’s account is based on two unnamed sources, and both companies declined to comment. The report does not establish whether the firms will reach an agreement, which services would ultimately be included, what the terms might be, whether regulatory approvals would be needed, or when any service could begin.
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