News about Kraken

Payward, the parent company of cryptocurrency exchange Kraken, has signed a definitive agreement to acquire Saldo Finance Oy, the Finnish holding company of Lithuania-based digital bank Saldo Bank UAB. Saldo Bank's EU banking license and footprint would let Payward expand into four operating markets, including Lithuania, Finland, Sweden and Germany, with the authorization also passported into the Netherlands. The deal is expected to close in 2027, subject to customary regulatory approvals, and would enable Payward Banking to offer deposit interest, lending and banking-as-a-service such as card issuance and SME lending. Co-CEO Arjun Sethi said a regulated EU bank lets the company serve European clients the way a primary financial institution should.

Payward, the parent company of crypto exchange Kraken, is buying Saldo Bank, an EU-licensed lender based in Lithuania, according to the Financial Times. It is reportedly the first digital asset company to buy a bank in Europe, and the undisclosed deal is expected to close in 2027. Co-CEO Arjun Sethi said the goal is to combine cash, crypto, tokenized stocks and credit in one system so customers can borrow and lend against their assets without selling them. The move comes as a U.S. community bankers' group sues the OCC over trust charters granted to crypto firms. Payward earlier bought Bitnomial for $550 million in April and Reap Technologies for $600 million in May, and Kraken has pushed its IPO to the second quarter of 2027 at the earliest.

Payward, the parent company of Kraken, received full market approval from Dubai's VARA for its local entity Payward FZCO, following preliminary approval in May 2026. Kraken clients in the UAE will be able to access spot and margin trading in AED pairs and make direct deposits and withdrawals, with launch targeted in the coming weeks. The VASP license issued on Oct. 6 allows management, investment and broker-dealer services for retail, professional and institutional investors. VARA's register now lists 58 licensed providers, up from 49 active companies in May 2026. In August and September, Capital.com and Standard Chartered also announced plans or launched expanded crypto offerings in the UAE.