Payward, the parent company of crypto exchange Kraken, said it agreed to acquire Lithuania-based Saldo Bank for an undisclosed amount, giving it a European Union (EU) banking license as it expands beyond crypto trading into traditional financial services.

The acquisition will make Payward the first crypto firm to buy a bank in Europe, according to a Financial Times report, as crypto firms increasingly compete with traditional lenders.

Payward did not immediately respond to a CoinDesk request for more details on the amount of the acquisition deal. Saldo Bank had 163.9 million euros ($180 million) in total assets at the end of 2025, up 22.7% from a year earlier, according to The Banks.

Kraken had been seeking a banking license in Lithuania, CoinDesk reported in July. In the U.S., Payward has applied for a national trust bank charter, while its banking arm secured limited access to the Federal Reserve’s payment system.

“A regulated EU bank is the piece that lets us serve European clients the way a primary financial institution should: one place to hold assets, move them freely, and put them to work,” said Arjun Sethi, Payward’s co-CEO.