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,…