Financial Times · European Union · CoinDesk
Kraken parent Payward to become first crypto firm to buy a EU bank as it scales up into deposits, lending
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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.
Key facts
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- 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
- 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
Summary
The deal would allow Payward to offer European customers interest-bearing deposits, loans, card services and euro payments as it expands beyond cryptocurrency trading. The acquisition, which is subject to regulatory approval and expected to close in 2027, would make Payward the first cryptocurrency company to buy a European bank, . 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.