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Kraken owner Payward agrees to buy Lithuania's Saldo Bank to offer deposits and lending in the EU
Summary
Payward, the parent company of crypto exchange Kraken, has agreed to buy Lithuania's Saldo Bank, CoinDesk and Decrypt reported on Oct. 14.
CoinDesk said the bank holds $190 million in total assets and that the deal gives Payward an EU license for deposits and lending, making it the first crypto firm to buy an EU bank.
Decrypt reported that co-CEO Arjun Sethi said customers want cash, crypto, tokenized stocks and credit in one place, starting with lending and cards.
Key facts
- Saldo Bank holds $190 million in total assets.
- The deal secures an EU license for deposits and lending.
- Payward plans to start with lending and cards.