Kraken parent Payward to become first crypto firm to buy a EU bank as it expands into deposits, lending
Payward, the parent company of crypto exchange Kraken, has announced plans to acquire Saldo Bank, marking the first time a cryptocurrency firm has purchased a traditional bank in Europe. The deal aims to integrate banking services like deposits, loans, and card payments directly into Kraken's platform for European clients.
Why it matters
This acquisition represents a significant step in the convergence of decentralized finance and traditional banking, allowing crypto firms to bypass intermediaries and offer full-service financial products under a regulated framework.
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.
Payward did not immediately respond to a CoinDesk request for more details on the amount of the acquisition deal. Saldo Bank had 163.9 million euros ($180 million) in total assets at the end of 2025, up 22.7% from a year earlier, according to The Banks .
Kraken had been seeking a banking license in Lithuania , CoinDesk reported in July. In the U.S., Payward has applied for a national trust bank charter , while its banking arm secured limited access to the Federal Reserve's payment system .
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