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Kraken wants to be your bank, but who will protect your money?

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Kraken wants to be your bank, but who will protect your money?

Your savings and Bitcoin might one day live inside the same Kraken app without enjoying the same legal protections.

Kraken's parent company wants a place in your finances long before you buy Bitcoin and long after you sell it. On Oct. 14, Payward agreed to acquire Saldo Finance Oy, the Finnish owner of Lithuania's Saldo Bank, in a deal expected to close in 2027 if regulators approve it.

The purchase would add deposit accounts, lending and payment services to a group better known for handling crypto trades, extending the banking push.

Putting a customer's salary, savings and Bitcoin holdings into a future Payward app could make them look like parts of one account, but that wouldn't make the money equally protected.

Eligible deposits at Saldo Bank, electronic-money balances with an existing Kraken payments entity, and Bitcoin held through a custody service all represent different legal relationships, even when their values are all displayed in euros.

People receive salaries, pay bills, and keep savings whether Bitcoin is having an exciting month or doing very little, which is why Payward wants to serve customers beyond trading.

The purchase also brings a credit business whose audited accounts show that loans more than 90 days overdue more than doubled in 2025, making the quality of Saldo’s lending as relevant to the acquisition as its deposit license.

Meanwhile, customers need to know when moving money between products also moves it between companies, and when the protection on one balance stops applying to the next.


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