Kraken, the cryptocurrency change planning to go public within the U.S., is pursuing a full banking license in Europe, with a give attention to Lithuania because the jurisdiction to safe it, in line with an individual accustomed to the plans.
If the agency will get the license, Kraken could be the one crypto change to have such a designation. It can additionally tread the identical regulatory path as fintech main Revolut, which holds a specialised European banking license issued in 2018 and controlled by the Financial institution of Lithuania. This allowed Revolut to supply full present accounts, shopper lending, and inventory buying and selling throughout the European Financial Space (EEA).
Kraken declined to touch upon the plans. A spokesman for the Financial institution of Lithuania mentioned the licensing course of of economic market individuals is confidential.
Different fintech companies holding a banking or specialised financial institution license in Lithuania embody Mano Financial institution, PayRay, European Service provider Financial institution (EMBank), AB Fjord Financial institution, and Saldo Financial institution.
The transfer to realize full banking standing in Europe is a part of a broader effort by Payward, Kraken’s father or mother firm, to acquire further licenses globally.
