According to CoinMeta, Payward, the parent company of Kraken, is acquiring Saldo bank located in Lithuania in order to expand its lending and card issuance business. According to a report by The Financial Times, Payward has become the first digital asset company to acquire a bank in Europe. Saldo obtained a European Union banking license in 2021, offering consumer and business loans as well as time deposits. The acquisition price has not been disclosed. Arjun Sethi, co-CEO of Payward, stated that customers desire products and services similar to those offered by other banks, and there are plans to integrate cash, cryptocurrencies, tokenized stocks, and credit into one system, allowing customers to borrow without having to sell their assets. The company was founded in 2011 and applied for a National Trust Company charter from the US Federal Reserve in May. Cryptocurrency companies such as Coinbase and Ripple have already received conditional approval for such charters. This acquisition requires regulatory approval and is expected to be completed in 2027.