European Union’s first licensed blockchain neobank BENKER has acquired its Electronic Money Institution license. Earlier this month the Bank of Lithuania announced full approval.
The digital bank will operate on the Natrix hybrid blockchain, specifically engineered to fulfil the financial sector criteria such as privacy and GDPR rules. With its HQ in Vilnius, the neobank is going to provide services to individuals as well as small and medium-sized enterprises.
BENKER claims that the usage of blockchain technology would provide consumers with perpetual transparency, traceability and full control on users funds, mentioning the concept referred to as Compliant Client Autonomy.
Chief Executive Officer Viktor Bodnar envisions the introduction of blockchain to banking as the birth of a ‘New World Order’, dramatically lowering client vulnerability to markets volatility.
In addition, he adds that launching such a fintech service may disrupt the established structures by expanding current legal and regulatory measures with superior technology-based guarantees delivered through blockchain.
After a two year timeframe of preparation, development and application, the digital bank has become eligible for pre-registration with its EMI license fully approved.
Photo by Eduardo Soares
