Kraken Parent Payward to Acquire EU Bank for Crypto Banking Expansion

acquire EU bank — Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire Lithuania’s Saldo Bank, marking the first purchase of a European bank by a crypto firm.

The acquisition, which is subject to regulatory approval, will grant Payward a European Union banking license. This will allow the company to expand its services for European clients beyond crypto trading into traditional banking products.

According to the Financial Times, the deal is expected to close in 2027. Saldo Bank, the target of the acquisition, holds approximately $190 million in total assets.

Payward’s co-CEO, Arjun Sethi, stated that owning a regulated EU bank will enable the firm to serve European customers with interest-bearing deposits, lending, card services, and euro payments, similar to a conventional bank.