Kraken’s Parent Company Buys Bank in Lithuania to Expand Its Financial Services — FT

Published: October 14, 2026 – 11:31 UTC

Kraken’s parent company will acquire a European bank.
Payward has chosen Saldo Bank in Lithuania.
The deal could reshape the crypto exchange’s banking services in Europe.

Payward, the parent company of the Kraken crypto exchange, has agreed to acquire Lithuania’s Saldo Bank to expand into Europe’s traditional banking sector. The Financial Times reported.

The deal, which requires regulatory approval, is expected to close in 2027. Its value has not been disclosed. After the deal closes, Payward will be able to develop services such as lending and payment card issuance, combining them with cryptocurrency products.

If approved, Payward would become the first digital asset company to acquire a bank in Europe.

Payward Plans to Combine Crypto and Banking Services

According to Payward co-CEO Arjun Sethi, customers increasingly want services similar to those offered by traditional banks.

“One of the biggest things that our customers have been asking us is ‘I would like to get products and services and offerings similar to what I get with another bank‘,” he told the FT.

Sethi explained that the company aims to bring different financial assets together within a single system.

“The improvement is putting these assets on the same rails […] Cash, crypto, tokenised stocks, credit, all under one system,” the executive said.

He said this would allow customers to borrow against their assets or lend them out without selling those assets.

Payward was founded in 2011. The company owns Kraken, one of the major cryptocurrency exchanges. Saldo Bank has held an EU banking license since 2021 and offers consumer and business lending, as well as term deposits.

Kraken Expands Its Presence in Europe Amid Regulatory Disputes

In July 2026, media outlets reported that Kraken was considering Lithuania as its primary jurisdiction for obtaining a full banking license in the EU. Now, the acquisition of Saldo Bank could become an alternative route to expanding its banking arm.

At the same time, Kraken already holds a MiCA license, granted by the Central Bank of Ireland in June 2025. It allows the exchange to provide regulated crypto services across countries in the European Economic Area.

In the US, crypto companies are also trying to expand access to banking services. Coinbase and Ripple received conditional approval for applications for national trust bank charters, which allow them to custody client assets and conduct settlement operations, but not accept deposits.

Against the backdrop of business expansion, Payward also postponed its IPO until at least Q2 2027 due to unfavorable market conditions. This is already the second delay after putting plans on hold in March 2026 amid falling cryptocurrency prices and weak trading volumes.

Сообщение Kraken’s Parent Company Buys Bank in Lithuania to Expand Its Financial Services — FT появились сначала на INCRYPTED.

Source: Incrypted