Kraken Parent Payward to Buy Lithuania's Saldo Bank in First EU Bank Acquisition by a Crypto Firm

Payward buys Lithuania's Saldo Bank to expand banking services

Payward, the parent company of crypto exchange Kraken, is purchasing Saldo Bank, an EU-licensed lender based in Lithuania, the Financial Times reported on October 14. The deal makes Payward the first digital asset company to buy a bank in Europe. The acquisition gives Payward an existing EU banking license, which it can use to offer traditional banking products alongside crypto services.

What the deal includes

• Payward will acquire Saldo Bank, which holds an EU banking license since 2021.
• The purchase price was not disclosed.
• Saldo Bank offers consumer loans, business loans, and term deposits.
• The deal is expected to close in 2027, pending regulatory approvals.

What Payward plans to do with Saldo Bank

Co-CEO Arjun Sethi told the Financial Times that customers have been asking for banking-like products. "One of the biggest things that our customers have been asking us is 'I would like to get products and services and offerings similar to what I get with another bank,'" Sethi said. Sethi said the goal is to combine cash, crypto, tokenized stocks, and credit in one platform. Customers would be able to borrow and lend against their assets without selling them, he said.

U.S. banking charter fight continues

In the United States, crypto firms are pursuing federal bank charters through the Office of the Comptroller of the Currency (OCC). Payward applied for a national trust company charter in May 2026. Coinbase and Ripple have received conditional approval for similar charters, which allow crypto firms to hold customer assets and provide transaction services, though not take deposits. This month, the Independent Community Bankers of America (ICBA) sued the OCC, arguing that granting charters to crypto firms exceeds the regulator's authority. "Any non-fiduciary firm seeking the benefits of a federal bank charter should meet the same standards as community banks," said ICBA President and CEO Rebecca Romero Rainey in a statement. An OCC spokesperson declined to comment.