Kraken Parent Payward to Acquire Lithuania's Saldo Bank in EU Expansion
Payward, the company behind crypto exchange Kraken, has agreed to buy Lithuania's Saldo Bank, giving it an EU license for deposits and lending.
AfroEuropa Newsroom
AfroEuropa desk
Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Saldo Bank in Lithuania, a move that would give it an EU banking license covering deposits and lending. CoinDesk reported that the deal would make Payward the first crypto firm to purchase a bank in the European Union.
Saldo Bank holds $190 million in total assets, according to CoinDesk. The acquisition would extend Payward's traditional banking services across four EU markets where Saldo Bank already operates, Cointelegraph reported. Payward expects to complete the transaction in 2027.
The purchase is part of Payward's broader push into traditional finance. According to Decrypt, co-CEO Arjun Sethi said customers want cash, crypto, tokenized stocks and credit available in a single place, with the company beginning with lending and card services.
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