Kraken to Acquire Saldo Bank

Kraken has reached an agreement to acquire Saldo Bank, which is based in Lithuania and regulated by the EU. This marks the first time an American crypto company is purchasing a European bank. Payward CEO Arjun Sethi stated that customers want to receive banking-like services from Kraken. The company plans to offer banking services through this bank and issue payment cards. Sethi expressed that tokenized assets, cryptocurrencies, cash, and other traditional assets will be consolidated under one roof. It was emphasized that customers will be able to obtain loans against these assets and that the transition will be easier than the current system. The financial details of the acquisition agreement for Saldo Bank were not disclosed. Additionally, Coinbase and Ripple had previously obtained temporary banking licenses in the U.S., but the banking sector objected to this situation.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.