Payward, the parent company of Kraken, has said it is exploring full banking status outside the US as part of a broader push into financial services.
According to the announcement, the company's co-CEO Dave Ripley said the US is not likely to be an immediate focus for such plans, speaking at the Wyoming Blockchain Symposium 2026.
In addition, the firm is concentrating on three core product areas: trading, banking, and asset management. Banking, in this context, was described as encompassing payments and money movement, lending, yield, and custody, with the executive noting that Payward already provides all four functions in some form.
Existing banking infrastructure
Payward currently operates Kraken Financial, a Wyoming-chartered Special Purpose Depository Institution that launched in March 2024. The unit is authorised to offer digital asset custody and deposit accounts for institutional clients. However, Kraken Financial cannot lend customers' fiat currency and, unlike a conventional bank, is not insured by the Federal Deposit Insurance Corporation.
In March 2026, the company secured a limited-purpose 'skinny' Federal Reserve master account, connecting it to parts of the US central bank's payment system. The approval marked the first time a crypto company had obtained this type of access.
The company's co-CEO said that securing conventional banking status in other markets could allow Payward to extend more of its financial products to a broader customer base, though no specific jurisdictions or licence types were disclosed.
Potential expansion of services
Separately, Payward Chief Commercial Officer Mark Greenberg, indicated that additional services, such as mortgages, could eventually be offered as the company's product range develops. No timeline was given for when such offerings might become available.
The comments reflect a wider trend among crypto-native companies seeking to obtain traditional banking infrastructure and regulatory status as they compete for a broader base of financial services customers. Obtaining full banking licences outside the US, if pursued, would extend Payward's regulatory footprint beyond the limited-purpose structures it currently holds through Kraken Financial and its Federal Reserve master account. The company has not specified a timeline for any banking licence applications outside the US.
