Kraken Owner Payward to Buy Lithuania's Saldo Bank in EU Push
Co-CEO Arjun Sethi says customers want cash, crypto, tokenized stocks and credit in one place, starting with lending and cards.
Payward, the parent company of cryptocurrency exchange Kraken, has announced plans to acquire Saldo Bank, a licensed financial institution based in Lithuania. The deal marks a significant step in Kraken's strategy to expand its regulated presence within the European Union. Co-CEO Arjun Sethi confirmed the acquisition, stating that the move aligns with growing customer demand for integrated financial services under a single platform.
Sethi outlined that customers increasingly expect access to cash, cryptocurrencies, tokenized stocks, and credit products in one unified experience. Kraken intends to begin this integration by introducing lending services and payment cards, leveraging Saldo Bank's existing European banking license to offer these products to EU-based users. Holding a banking license in Lithuania, an EU member state, provides Payward with a regulatory passport that can be used to operate across multiple European markets.
The acquisition reflects a broader trend of crypto-native companies pursuing traditional banking licenses to deepen their service offerings and compete more directly with conventional financial institutions. Several major crypto firms have explored similar routes in recent years, recognizing that regulatory credibility and product diversification are increasingly important for user retention and institutional trust.
Regulatory approval for the transaction is still pending, and the timeline for launching new financial products under the combined entity has not yet been disclosed. Industry observers will be watching whether Kraken's banking ambitions accelerate further consolidation between crypto platforms and legacy financial infrastructure.
Source: Decrypt
