Kraken Parent Payward Acquires Saldo Bank to Expand Crypto Banking in Europe
Payward, the parent company of crypto exchange Kraken, has agreed to acquire Saldo Bank, a European Union-licensed bank. The deal would allow Payward to combine crypto trading with bank deposits, lending, card payments and credit services.Meanwhile, the Saldo acquisition is expected to close in 2027, subject to regulatory approval.Payward Plans to Bring Banking and Crypto TogetherIn a press release on October 14, Payward announced that it had signed a definitive agreement to acquire Saldo Bank, a Lithuania-based bank licensed to operate in the European Union.Saldo is licensed by the European Central Bank and supervised by the Bank of Lithuania. It operates in Lithuania, Finland, Sweden and Germany, and can also serve customers in the Netherlands.The deal would allow Payward to offer traditional banking services, including deposits, loans and card payments, alongside its existing crypto services. This would give customers more ways to manage their money and digital assets through one platform.We’ve signed an agreement to acquire Saldo Bank, a licensed specialized bank in Lithuania operating across five European markets. An EU banking license meaningfully expands Payward Banking. Subject to closing conditions and regulatory approvals.If approved, the acquisition would mark the first time a digital asset company has acquired a commercial bank in Europe.Customers Could Borrow Against Crypto Holdings Without Selling ItOne of the key benefits of the acquisition would be the ability to borrow cash against crypto or tokenized stock holdings. Institutional clients could use these assets as collateral without selling their holdings to access funds.Payward Co-CEO Arjun Sethi said customers had requested this feature. He also explained why banking licenses matter to the company’s long-term plans. “Whoever has the right to deposit, lend to, and issue payment instruments to a customer owns the relationship.” He added that trading, staking, wealth management, and treasury services can build on that foundation.Payward Expands Beyond Crypto TradingThe Saldo deal follows Payward’s reported $550 million purchase of derivatives exchange Bitnomial and its $600 million acquisition of stablecoin payments company Reap Technologies. Together, these moves show the company’s push into regulated trading, payments and banking infrastructure.The expansion also comes as traditional financial institutions explore deeper ties with Payward. Reports have indicated that Wells Fargo is in talks with the company about providing core crypto trading liquidity services.The Saldo acquisition is expected to close in 2027, subject to regulatory approval.