Kraken parent eyes EU license with bank acquisition

Payward, the parent company of crypto giant Kraken, is moving to acquire Lithuania-based Saldo Bank. This move signals a major shift from offering simple digital wallets to providing full-scale banking services across the European Union. For retailers and operators, this is a clear sign that crypto-native companies are hungry to enter the traditional consumer lending space. By securing a full banking license, Kraken can move beyond just holding digital assets and begin offering structured credit products like loans and deferred payment options. This acquisition gives Kraken an 'upgrade' from its current electronic money license. With a full banking charter, they can leverage a lower cost of capital to potentially offer more competitive financing rates to consumers. It also allows them to operate more seamlessly across the EU, providing a unified payment and credit experience. If you currently accept crypto or are considering integrated digital wallets, this deal suggests that those same wallets will soon carry the weight of a regulated bank. You should expect to see more 'all-in-one' financial apps attempting to capture the point-of-sale experience by blending digital assets with traditional consumer credit.

Source: Banking Dive

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