Kraken's parent company Payward is exploring expanding its banking and asset management business outside the United States

According to The Block, Kraken's parent company Payward is exploring becoming a "full-service bank" outside the United States to expand from cryptocurrency trading to asset management and financial services. Payward's co CEO Dave Ripley stated that trading, banking, and asset management are the three main areas of focus for the company, with banking services covering payments, loans, earnings, and custody. Payward's Kraken Financial has obtained a license as a special purpose depositary institution in Wyoming and a streamlined moderator account with the Federal Reserve.