Federal Reserve (FED) · Bitcoin Magazine
Kraken Parent Company Payward to Buy Saldo Bank in European Banking Push
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Top crypto exchange Kraken is pushing to offer other services other than digital assets.
Key facts
- In September, that Nasdaq Inc. was investing $100 million in Payward at a $21 billion valuation, citing people familiar with the matter
- Payward says it already holds a Federal Reserve limited-purpose master account in the U.S. and an e-money license from the Central Bank of Ireland, and has originated more than $2 billion in loans
- Payward is buying Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, is a digital-first specialized bank licensed in Lithuania
- Payward did not reveal the financial terms of the deal, which is expected to close in 2027, subject to regulatory approvals
Summary
Payward, the parent company of crypto exchange Kraken, has signed a definitive agreement to acquire Saldo Bank, gaining an EU banking license and a footprint across five European markets. Payward is buying Saldo Finance Oy, a Finnish holding company whose subsidiary, Saldo Bank UAB, is a digital-first specialized bank licensed in Lithuania. Payward did not reveal the financial terms of the deal, which is expected to close in 2027, subject to regulatory approvals. It comes as Kraken, like other crypto exchanges, pushes further into the traditional finance world, allowing users to trade stocks, bonds and other assets.