Payward, the parent company of cryptocurrency exchange Kraken, has announced plans to acquire Saldo Bank, a Lithuanian bank regulated by the EU, according to the Financial Times. This move aims to expand its operations into traditional banking services such as lending and card issuance. The transaction price was not disclosed and is expected to be completed in 2027, pending regulatory approval.

Arjun Sethi, co-CEO of Payward, stated that the company plans to integrate cash, crypto assets, tokenized stocks, and credit, allowing customers to borrow without selling their assets. Saldo Bank obtained its EU banking license in 2021 and offers personal and business loans as well as term deposits. If the acquisition is completed, Payward will become the first digital asset company to acquire a European bank.