BENKER, developed by BEM Europe that is headquartered in Lithuania, has been officially licensed to be what has been touted as the first blockchain neobank in Europe.

Receiving the approval from the Bank of Lithuania on January 13, 2022 to operate as an Electronic Money Institution, BENKER said that is the first financial services provider in the European Union to operate entirely based on blockchain.

The neobank will run on NATRIX, a hybrid blockchain designed for the financial sector.

BENKER added that the service will not require any additional efforts from clients and meets all GDPR, bank privacy, and regulatory requirements.

The company said that due to high interest from the public, pre-registration has already begun and the neobank is scheduled to go live in January 2022.

Viktor Bodnár, CEO of BENKER said,

“We anticipate BENKER will be the catalyst – igniting the fundamental transformation of how personal finances are managed digitally as well as establish an industry-wide standard.

 

By obtaining our Electronic Money Institutional license, we can now radically diminish a client’s risk exposure to financial market participants. BENKER will transform electronic banking as we know it and will mark a New World Order.”