Kraken parent Payward buys Lithuania's Saldo Bank for an EU banking license

Payward, parent of crypto exchange Kraken, agreed to acquire Lithuania-based Saldo Bank, which can passport into four other markets. The deal would upgrade Payward from its Ireland-issued e-money license and let it offer deposit interest, lending and banking-as-a-service in Europe. Terms were not disclosed.

Why it matters: It is another step in crypto firms' push to become fully regulated banks, following Payward's Fed master account and its US trust charter application.