NEW YORK—Kraken parent Payward has agreed to acquire crypto and derivatives exchange Bitnomial in a deal valuing Bitnomial’s equity at $20 billion that also provides Kraken with direct access to the Fed’s central payment infrastructure, allowing it to settle transactions through the Fedwire system.
Payward said it has entered into a “definitive agreement” for the acquisition, which would expand Kraken’s presence in U.S. derivatives markets and provide infrastructure designed specifically for digital assets.
According to CoinTelegraph, Bitnomial is described as the first crypto-native exchange in the United States to hold all three key licenses from the Commodity Futures Trading Commission, including permits to operate as:
- An exchange
- A clearinghouse
- A brokerage
What Combination Does
That combination positions Bitnomial to support end-to-end derivatives trading and settlement within a regulated framework, CoinTelegraph reported.
Arjun Sethi, co-CEO of Payward and Kraken, said in a statement reported by Cointelegraph that core market infrastructure—such as settlement mechanics, margin models and contract structures—determines what financial products can be offered and who can access them.
“The U.S. has had no clearing infrastructure built for digital assets,” Sethi said in the statement, adding that Bitnomial spent a decade building crypto-native capabilities, including continuous 24/7 markets and crypto-based collateral systems.
What’s Being Planned
Payward said it plans to use Bitnomial’s platform to expand its offerings to U.S. clients, including:
- Spot margin trading
- Perpetual futures contracts
- Options trading
The company also said institutional clients will be able to integrate services such as tokenized stocks, crypto derivatives and fiat onramps through its application programming interface.
A ‘Notable Step’
The announcement comes as Kraken has taken a notable step into the traditional financial system, according to the CoinTelegraph analysis. In March 2026, the company became the first crypto firm to receive approval for a limited-purpose master account from the Federal Reserve Bank of Kansas City, part of the Federal Reserve System.
The account provides Kraken with direct access to the Fed’s central payment infrastructure, allowing it to settle transactions through the Fedwire system, which is typically used by banks, credit unions and other regulated financial institutions.
