Payward Inc., the parent company of the popular cryptocurrency exchange Kraken, has announced plans to acquire Saldo Finance Oy, the Finnish owner of Saldo Bank UAB. This move is set to provide Kraken with a banking license in Lithuania, expanding its operational reach across five European markets.
The acquisition was confirmed in a statement released by Payward on Wednesday. Saldo Bank, licensed in Lithuania, will now fall under the ownership of Payward, allowing the digital-asset firm to leverage its banking capabilities.
Based in Cheyenne, Wyoming, Payward has signed a definitive agreement for the acquisition. While the financial details of the deal were not disclosed, the transaction underscores Kraken's strategic push to integrate traditional banking services with its cryptocurrency offerings.