Kraken Parent Payward Seeks Full Banking License in Lithuania

Kraken's parent company, Payward, is pushing to secure regulated financial status across multiple global markets by pursuing a full banking license in Lithuania. This move is part of a larger regulatory expansion effort that has seen Kraken Financial connect to the Federal Reserve's payment infrastructure and secure authorization from the UAE's Virtual Assets Regulatory Authority.

Lithuania has become a preferred destination for fintech firms seeking European banking credentials, with several financial firms having already received licenses from the Bank of Lithuania. Revolut is one prominent example, having received a specialized banking license in 2018 that allowed it to offer current accounts, consumer lending, and stock trading across the EEA.

Kraken's co-CEO Arjun Sethi has stated the company's long-term goal of securing licenses in each region through acquisition or de novo application. The combination of an impending IPO and active global licensing campaign signals that Payward is building toward operating as a full-service financial institution, rather than remaining solely a crypto trading venue.