Kraken parent Payward to become first crypto firm to buy a EU bank as it expands into deposits, lending

Payward, the parent company of crypto exchange Kraken, said it agreed to acquire Lithuania-based Saldo Bank for an undisclosed amount, giving it a European Union (EU) banking license as it expands beyond crypto trading into traditional financial services. The acquisition will make Payward the first crypto firm to buy a bank in Europe, according to a Financial Times report , as crypto firms increasingly compete with traditional lenders. Payward did not immediately respond to a CoinDesk request for more details on the amount of the acquisition deal.