Payward, the parent company of crypto exchange Kraken, has agreed to buy Lithuania-based Saldo Bank as it builds out banking, lending and card services in Europe. According to Decrypt, which cited the Financial Times, the transaction’s value has not been disclosed and is expected to close in 2027, subject to regulatory approval.
Payward co-CEO Arjun Sethi said the planned acquisition is intended to give Kraken customers access to a wider range of financial products through a single system. The company wants to connect cash, crypto, tokenized stocks and credit, allowing customers to borrow or lend against assets without having to sell them.
Saldo deal expands Kraken’s financial offering
Saldo Bank is based in Lithuania and received an EU banking license in 2021. It provides loans to consumers and businesses, along with term-deposit products. Payward’s purchase would make it the first digital-asset company to acquire a bank in Europe, according to the Financial Times report cited by Decrypt.
The deal would move Kraken beyond its core role as a crypto exchange. Alongside trading, the company is seeking to develop services involving lending and card issuance. Sethi said customers have been asking for products and services similar to those offered by traditional banks.
The acquisition remains subject to regulatory approvals. No purchase price has been announced, and completion is expected in 2027.
Payward’s broader expansion
The bank acquisition follows two other major purchases by Payward this year. In April, the company acquired derivatives exchange Bitnomial for $550 million. In May, it bought Reap Technologies, an Asian stablecoin payments company, for $600 million.
Payward also applied in May for a national trust company charter from the U.S. Office of the Comptroller of the Currency, or OCC. Such a charter allows a company to hold customers’ assets and provide transaction services, but it does not allow the firm to take deposits.
Kraken confidentially filed for an initial public offering last November. CoinDesk reported in September, citing people familiar with the matter, that the company had postponed a potential listing until at least the second quarter of 2027.
U.S. dispute over crypto bank charters
The European bank purchase comes as crypto companies face a separate banking-related challenge in the United States. The Independent Community Bankers of America has sued the OCC over trust charters granted to crypto firms, arguing that the regulator lacks authority to issue them in those cases.
Coinbase and Ripple are among the digital-asset companies that have received conditional approval for such charters. The community-bank group has argued that non-fiduciary firms seeking the advantages of a federal bank charter should meet the same standards as community banks. An OCC spokesperson declined to comment, according to the source material.
Market picture
Moneyiar data at 21:34 on October 15, 2026, showed Ethereum at $2,456.5455, up 1.26% over 24 hours but down 0.64% over seven days. Lido DAO was at $0.4071, up 2.05% in 24 hours and 0.12% over seven days. Lighter traded at $3.0811, down 0.78% and 15.13% over those periods, respectively. AKEDO stood at $0.03303, up 23.99% over 24 hours and 24.45% over seven days.
