Kraken’s Parent Payward Moves to Buy Lithuanian Bank Saldo for European Banking Push

Kraken's parent company, Payward, has agreed to acquire Saldo Finance Oy — the Finnish holder of Lithuania's Saldo Bank — for $181 million, marking the exchange's first move into a licensed European bank.

The deal signals Kraken's push to expand beyond crypto trading into traditional finance, leveraging the banking license to offer fiat on-ramps, custody services and new products amid growing EU regulatory scrutiny.

Evernorth, the newly Nasdaq‑listed digital‑asset treasury firm, announced it will activate its 473 million XRP holdings through institutional strategies alongside Ripple, Coinbase, Kraken and BitGo.

The move comes shortly after Evernorth’s public debut, signaling its intent to transform a static XRP balance sheet into an active investment vehicle. By leveraging the infrastructure and liquidity of major exchanges and custodians, the company aims to boost XRP utility, potentially influencing market dynamics and setting a precedent for other treasury‑focused firms entering the crypto space.

Payward, the parent company of Kraken, has agreed to purchase Lithuania’s Saldo Bank, which holds US$190 million in total assets, thereby securing an EU license for deposit and lending activities.

The deal makes Payward the first crypto firm to acquire a bank in the European Union, a move that could bridge traditional finance and digital assets while signaling growing regulatory acceptance of crypto‑backed banking services.

Kraken’s parent company, Payward, has revealed plans to acquire Lithuania’s Saldo Bank, a deal slated for completion in 2027 that signals the exchange’s push into traditional banking services across the European Union.

The move will let Kraken tap into Saldo’s four existing EU operational markets, offering checking accounts, loans and other fiat products alongside its crypto trading platform, a strategy aimed at attracting institutional investors and driving mainstream crypto adoption in Europe.

Evernorth has enlisted Ripple, Kraken, Coinbase and BitGo to actively manage its $648M XRP treasury, signaling a major shift in how crypto firms handle large digital asset holdings.

The move could set a precedent for the industry, highlighting both the opportunities and risks of deploying substantial crypto reserves in DeFi protocols as firms seek yield while navigating regulatory and security challenges.