Kraken Parent Payward Moves Into European Banking With Saldo Deal

Payward, the company behind crypto exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank, taking a route into European banking that goes beyond obtaining another exchange registration. TL;DR: The proposed acquisition would give Payward an existing licensed banking operation in Europe. The deal remains subject to regulatory approval and is expected to close in 2027. Saldo provides banking products including loans and deposits. Bringing it into Payward would potentially put cash accounts, crypto assets and lending under a more connected product offering, rather than forcing customers to move between a separate crypto venue and their bank every time they need to borrow, spend or settle funds. This is an important difference from a cryptocurrency firm simply partnering with an external payments provider. Ownership of a bank brings a regulated operating business, supervisory obligations and a different level of responsibility for customer money. Payward will not acquire unrestricted banking powers across Europe merely by signing the purchase agreement; the necessary approval and post-acquisition controls are still ahead. The European push also fits a wider industry pattern.