Payward, the parent company of cryptocurrency exchange Kraken, is buying Lithuania-based Saldo Bank, giving the company a European Union banking license. Payward is now the first cryptocurrency firm to buy a bank in Europe. The deal will allow Payward to offer European customers interest-bearing deposits, loans, card account services, and euro payments.
Saldo Bank holds licenses to operate in Lithuania, Finland, Sweden, and Germany.
Financial regulators must approve the acquisition by 2027.
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