Kraken Parent Payward Plans to Bring Crypto and Banking Under One Roof

Highlights:

• Kraken’s parent Payward plans to buy Lithuania’s Saldo Bank, bringing the crypto company into European banking.
• The planned deal could help Kraken offer loans, deposits, and digital assets through a single platform.
• The acquisition needs regulatory approval, with completion expected in 2027 and the purchase price still undisclosed.

Kraken’s parent company, Payward, is buying Lithuania-based Saldo Bank as it moves further into traditional banking. The deal would give the crypto exchange owner access to a European bank offering loans and deposits. Payward also wants to bring banking services and digital assets together on one platform.

According to an October 14 Financial Times report, the purchase still needs regulatory approval and is expected to close in 2027. The companies have not disclosed the deal’s value. The FT described it as the first time a digital asset company has acquired a European bank.

Kraken Parent Payward to Acquire EU-Regulated Lithuanian Bank Saldo

Kraken’s parent company Payward has announced plans to acquire Saldo Bank, an EU-regulated bank in Lithuania, to expand into traditional banking services such as lending and card issuance, the Financial Times… pic.twitter.com/uml4Jf2OVC

— Wu Blockchain (@WuBlockchain) October 14, 2026

Payward Plans to Bring Banking Services to Kraken Users

Payward co-CEO Arjun Sethi told the Financial Times that customers have been asking for services similar to those available at traditional banks. The company wants to offer more than buying and selling cryptocurrencies. Under the plan, customers could manage cash, crypto holdings, tokenized stocks, and credit through the same system. 

Payward also wants customers to borrow against their assets without selling them. For example, someone holding cryptocurrency could potentially use those holdings to secure a loan rather than first converting them into cash. Sethi described the goal as having “Cash, crypto, tokenised stocks, credit, all under one system.” The company is also exploring card issuance and other banking services. However, it has not announced when customers can access those products.

Saldo Bank Brings European Banking License and Lending Services

Saldo Bank operates in Lithuania and received a specialized banking license from the European Central Bank in October 2021. The Bank of Lithuania supervises its banking activities. Its existing services include personal loans, business loans, and term deposits. A term deposit allows customers to keep money in a bank for an agreed period and earn interest.

According to Saldo Bank’s website, its consumer loans can reach €5,000, while eligible small businesses can apply for up to €50,000. The bank also uses digital applications and automated lending decisions. Buying an established lender could help Payward expand into banking without building a new European bank from scratch. However, the acquisition would not automatically make all of Saldo’s banking products available to Kraken customers.

Kraken Expands Banking Plans Amid Regulatory Challenges

Payward has already been seeking broader access to financial services. In May, the company applied for a US national trust bank charter. Unlike a traditional banking license, that charter type does not allow a firm to accept ordinary deposits or make loans. However, parts of the banking industry have opposed the move. On October 2, the Independent Community Bankers of America sued the US Office of the Comptroller of the Currency over trust charters for crypto businesses.

The banking group argues that crypto firms could receive banking privileges without facing the same regulations as traditional lenders. The US lawsuit is separate from Payward’s planned European acquisition. Meanwhile, the company has not announced when customers could access combined banking and crypto services after the Saldo Bank purchase.