Kraken to Acquire $181M European Bank, Expanding Beyond Crypto

Kraken Expands Into Traditional Finance with Bank Acquisition

Kraken is moving beyond cryptocurrency trading with a $181 million deal to acquire a European bank. Payward, the parent company of the exchange, announced a definitive agreement on October 14th to purchase Saldo Finance Oy, a Finnish holding company. Saldo Finance Oy owns Saldo Bank, which is based in Lithuania.

The acquisition will grant Payward control of a fully licensed European banking institution. This development allows Kraken to offer a broader range of financial services, potentially including lending and deposit products, alongside its existing crypto exchange offerings. Details on how Kraken intends to integrate the bank’s operations remain limited.

Saldo Bank currently serves businesses across Europe. The acquisition is subject to regulatory approvals, but Kraken anticipates the deal will position it favorably as it seeks to bridge the gap between digital assets and traditional finance. The move reflects a broader trend among crypto firms seeking to establish a foothold in regulated financial markets.

Source: CryptoSlate