- Kraken’s parent, Payward, is reportedly in advanced talks with Hyperliquid about its regulated entry in the US through Bitnomial.
- In the UK, Payward reached an agreement with the LSEG to facilitate the launch of tokenized shares.
Hyperliquid Labs, the software development company behind Hyperliquid (HYPE), is reportedly in talks with Payward, Kraken’s parent company. The negotiation centers on the perpetual decentralized exchange’s (perp DEX) potential entry into the United States.
The revelation comes hot on the heels of President Donald Trump’s instruction to Commodity Futures Trading Commission (CFTC) Chair Michael “Mike” Selig to explore ways to bring the perp DEX onshore.
Kraken Parent Payward in Advanced Talks with Hyperliquid
According to Bloomberg, the parties are now in “advanced talks.” Citing a source familiar with the matter, who requested anonymity, the news outlet claimed Payward plans to integrate a selection of crypto perpetual futures found on Hyperliquid’s chain on Bitnomial’s regulated spot and derivatives trading platform.
Payward notably completed its 100% acquisition of Bitnomial in May. The deal occurred under a $550 million cash-and-stock transaction. The purchase consequently raised the value of Kraken’s parent to approximately $20 billion.
Additionally, the report said Payward had already submitted a proposal with the CFTC detailing Hyperliquid’s integration within its ecosystem. It’s unclear whether the move came before or after Trump spilled the beans on the subject last week. So far, all parties involved have declined to comment on the matter.
Hyperliquid is currently the world’s leading perpetual DEX. To date, it handles more than $6.96 billion in Open Interest (OI), with a 24-hour trading volume of roughly $7.38 billion. The platform greatly dwarfs Aster’s (ASTER) $1.16 billion OI and $1.7 billion 24-hour volume, which sits at a far second in the same market segment.
Despite its rapid growth, Hyperliquid restricts people and entities based in the US from accessing its platform due to regulatory roadblocks. The recent developments, however, could turn the tide in its favor.
Payward to Launch Tokenized Stocks on LSEG
Elsewhere, Payward had scored a major milestone in the United Kingdom. Reuters reported that the company scored a major agreement with the London Stock Exchange Group (LSEG) to explore ways to revolutionize equity trading.
Their discussions have led to a plan that would pave the way for the launch of tokenized shares in the UK market by 2027. The LSEG expects the measure to enable 24/7 operation and near-instant settlement across stock markets. Furthermore, it believes that it could unlock deeper liquidity for financial instruments, resulting in cost-efficient transactions.
It comes amid the World Federation of Exchanges’ warning last year about the potential of tokenized stocks to expose investors to unforeseen risks that could compromise market integrity.
