Kraken parent Payward to become first crypto firm to buy a EU bank as it expands into deposits, lending

Payward, the parent company of crypto exchange Kraken, said it agreed to acquire Lithuania-based Saldo Bank for an undisclosed amount, giving it a European Union (EU) banking license as it expands beyond crypto trading into traditional financial services.

The acquisition will make Payward the first crypto firm to buy a bank in Europe, according to a Financial Times report, as crypto firms increasingly compete with traditional lenders.

Payward did not immediately respond to a CoinDesk request for more details on the amount of the acquisition deal. Saldo Bank had 163.9 million euros ($180 million) in total assets at the end of 2025, up 22.7% from a year earlier, according to The Banks.

Kraken had been seeking a banking license in Lithuania, CoinDesk reported in July. In the U.S., Payward has applied for a national trust bank charter, while its banking arm secured limited access to the Federal Reserve's payment system.

"A regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should: one place to hold assets, move them freely, and put them to work," said Arjun Sethi, Payward's co-CEO.

The deal allows Payward to offer EU customers interest-bearing bank deposits, loans, card services and euro payments.

Saldo Bank is licensed in Lithuania, Finland, Sweden and Germany, and holds a passport to operate in the Netherlands. It offers deposits, consumer and business loans and payment services.

Payward said its banking business has already originated more than $2 billion in loans and holds a Federal Reserve limited-purpose master account and an electronic money institution license in Ireland.

The deal remains subject to regulatory approval and is expected to close in 2027.

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.

Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.