Payward Acquires Saldo Bank to Enter European Banking

Payward, the parent company of crypto exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank, marking its entry into European banking. The acquisition will provide Payward with an existing licensed banking operation in Europe, subject to regulatory approval, and is expected to close in 2027. Saldo offers banking products such as loans and deposits, which could integrate cash accounts, crypto assets, and lending into a more cohesive product offering for customers. This ownership differs from merely partnering with an external payments provider, as it entails regulatory obligations and responsibilities for customer funds. Payward's move aligns with a broader trend in the crypto industry, where companies seek banking relationships as tokenized securities and stablecoins become more interconnected with traditional financial accounts. For Kraken users, the acquisition signals a shift towards less fragmented financing and fiat services, though the benefits will not materialize until regulatory approval and integration are complete.

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