EU’s first blockchain financial institution BENKER receives EMI licence
BENKER is to become the European Union’s first licensed blockchain financial institution after receiving its Electronic Money Institution (EMI) licence from the Bank of Lithuania this month.
BENKER CEO Viktor Bodnár
BENKER will run on a purpose-built hybrid blockchain called Natrix, specially designed to meet all financial sector requirements including GDPR and bank secrecy regulations.
Headquartered in Vilnius, Lithuania, the firm will offer services for both individuals and small and medium-sized enterprises (SMEs) as well as a platform on which to buy and sell gold.
BENKER says the use of blockchain technology means customers will have constant transparency, traceability and complete control over their finances, which it terms Compliant Client Autonomy.
BENKER CEO Viktor Bodnár sees the introduction of blockchain to banking as the beginning of a “New World Order”, significantly reducing customer exposure to the ups and downs of financial markets.
Bodnár adds: “We’re introducing a new brand in financial services that can challenge the established order by extending existing legal and regulatory safeguards with the advanced technology-based guarantees achieved through blockchain.”
Following a two-year planning, development and application phase, and now with its EMI licence receiving full approval, BENKER is now open for pre-registration.
