WuBlockchain
Kraken parent Payward plans to acquire Saldo Bank, an EU-regulated Lithuanian bank, to expand into traditional banking services including lending and card issuance. The purchase price was not disclosed, and the deal is expected to close in 2027 pending regulatory approval.
Why it matters
Payward co-CEO Arjun Sethi said the company plans to integrate cash, crypto assets, tokenized stocks and credit. The aim includes letting customers borrow without selling their assets, bringing banking and digital-asset services into one offering.
Market impact
Saldo Bank holds an EU banking licence issued in 2021 and offers personal and business loans as well as term deposits. If completed, the acquisition would make Payward the first digital-asset company to acquire a European bank. Regulatory approval remains a key condition, with closing expected in 2027.
Frequently asked questions
-
What banking services does Payward plan to add through Saldo?
Payward plans to expand into traditional banking services, including lending and card issuance.
-
How does Payward plan to connect banking with digital assets?
Co-CEO Arjun Sethi said the company plans to integrate cash, crypto assets, tokenized stocks and credit.
-
What does Payward mean by borrowing without selling assets?
The planned offering would let customers borrow without selling their assets, according to Sethi.
-
What does Saldo Bank currently offer?
Saldo Bank offers personal and business loans as well as term deposits. It received its EU banking licence in 2021.
-
When could the acquisition close, and what condition must it meet?
The deal is expected to close in 2027, subject to regulatory approval. The purchase price was not disclosed.
Crypto News
WatcherGuru
CoinTelegraph
CoinDesk
TheBlock
CryptoSlate