Payward Acquires Saldo Bank, Expanding into Traditional Banking Services
- Payward, the parent company of crypto exchange Kraken, has agreed to acquire Lithuania-based Saldo Bank for an undisclosed amount.
- This acquisition grants Payward a European Union (EU) banking license, marking it as the first crypto firm to purchase a bank in Europe.
- Saldo Bank reported total assets of €163.9 million ($180 million) at the end of the previous year, reflecting a growth of 22.7% from the prior year.
- Kraken has been pursuing a banking license in Lithuania and is also seeking a national trust bank charter in the U.S.
- Payward’s banking arm has gained limited access to the Federal Reserve’s payment system.
The acquisition positions Payward to serve European clients more effectively by integrating traditional financial services with its cryptocurrency operations. This move highlights the increasing competition between crypto firms and traditional banks for market share.
With Saldo Bank’s assets rising by over €30 million in one year, this strategic acquisition allows Payward to enhance its service offerings significantly.(Source)
