Kraken, the cryptocurrency trade 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 acquainted with the plans.
If the agency will get the license, Kraken can be the one crypto trade to have such a designation. It’s going to 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, client 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 stated the licensing course of of economic market contributors is confidential.
Different fintech companies holding a banking or specialised financial institution license in Lithuania embrace 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 guardian firm, to acquire further licenses globally.