The expansion is also moving into the traditional banking sector. Sethi confirmed that the firm is "about to buy a bank in Europe," a move that aligns with reports that Payward has been eyeing a Lithuanian banking license to solidify its presence on the continent. By owning the banking rails, Payward can offer more efficient fiat-to-crypto on-ramps and off-ramps, while providing a regulated environment for institutional clients.
However, Payward recognizes that some aspects of the financial system—particularly the "trust currency" held by centuries-old institutions—cannot be easily replaced. This has led to high-profile partnerships with legacy giants like Nasdaq and the London Stock Exchange (LSE).
Earlier this month, Nasdaq invested $100 million in Payward as part of a broader collaboration to advance "always-on" markets and tokenized equities. The two companies are working toward a 2027 launch for Nasdaq Equity Tokens, with Payward providing the distribution and post-trade infrastructure. Similarly, the London Stock Exchange has partnered with Payward to explore xStocks—tokenized representations of public shares that are intended to trade on the forthcoming LSE 24 venue.
These partnerships suggest that Payward is not looking to displace established exchanges, but rather to complement them by providing the modern, blockchain-based "rails" on which their traditional assets can run more efficiently.
Defining the "Everything Financial Infrastructure" Model
While Payward’s expansion into various financial sectors draws comparisons to competitors like Coinbase and Binance, market analysts suggest Payward is carving out a unique niche. Coinbase has frequently been described as building an "Everything Exchange," aiming to be a consumer-facing super-app for crypto, stocks, and prediction markets.
In contrast, Architect Partners, a digital-assets investment bank, notes that Payward is choosing a different aggregation layer. Instead of focusing solely on bringing every product under the Kraken brand, Payward is building a regulated infrastructure stack that can power financial products across multiple brands and partner channels.
"In our view, Payward is helping define the next evolution beyond the ‘Everything Exchange’: an ‘Everything Financial Infrastructure’ model," Architect Partners stated. This means that in the future, a consumer might use a fintech app or a traditional bank’s services that are entirely powered by Payward’s backend, without ever interacting with the Kraken interface directly.
This B2B focus is the primary mission of Payward Services. The division offers a set of APIs that allow banks, fintechs, and other crypto platforms to access Payward’s custody, liquidity, compliance, and settlement tools. Sethi revealed that at least 25 companies are currently building on this infrastructure, with several expected to launch before the end of 2026.
Bringing Asset Management On-Chain
The fourth pillar of Payward’s strategy involves a significant push into asset management. While the company has long offered staking and yield-bearing products, it is now formalizing these activities into a comprehensive platform capable of hosting diverse investment strategies.
