Payward, the parent company of crypto exchange Kraken, is acquiring Saldo Bank, a Lithuania-based, EU-regulated financial institution. This marks the first time a digital asset firm has purchased a bank in Europe. The move allows Payward to offer traditional banking services such as lending and card issuance alongside crypto products.
Co-CEO Arjun Sethi stated customers demanded integrated access to cash, crypto, tokenized stocks, credit, and lending—all under one system. Users will be able to borrow and lend against their assets without selling them. Saldo Bank, which received its EU license in 2021, provides consumer and business loans and term deposits.
The acquisition price was not disclosed. Meanwhile, US crypto firms like Coinbase and Ripple have sought national trust bank charters from the OCC, which permit asset custody and transaction services but not deposit-taking. Traditional banks oppose these moves, citing regulatory disparities.
The Independent Community Bankers of America recently sued the OCC over what it calls a “side door” into banking for crypto firms. Payward’s deal is pending regulatory approval and expected to close in 2027.
Source: Financial Times Companies · Summarized by HeadlinesBriefing