EU’s first blockchain financial institution, BENKER, receives EMI license

BENKER will become the first licensed blockchain financial institution in the European Union after receiving its Electronic Money Institution (EMI) license from the Bank of Lithuania this month.

Viktor Bodnar, CEO of BENKER

BENKER will run on a purpose-built hybrid blockchain called Natrix, specifically designed to meet all financial industry requirements, including GDPR and bank secrecy regulations.

Based in Vilnius, Lithuania, the company will offer services to individuals and small and medium-sized enterprises (SMEs) as well as a platform on which to buy and sell gold.

BENKER claims that using blockchain technology means that customers will have constant transparency, traceability and complete control over their finances, which he calls compliant customer autonomy.

BENKER CEO Viktor Bodnár sees the introduction of blockchain in banking as the start of a “New World Order”, significantly reducing clients’ exposure to financial market ups and downs.

Bodnár adds, “We are 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 safeguards achieved through blockchain.”

After a two-year planning, development and application phase, and now that its EMI license has received full approval, BENKER is now open for pre-registration.

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