Despite the turbulent digital asset sector, the technology that underpins cryptocurrencies, blockchain, looks to be gaining traction.
BENKER, a financial institution developed by BEM Europe, has become Europe’s first officially licensed blockchain neobank, Fintech Baltic reports.
Having received approval from the Bank of Lithuania to operate as an Electronic Money Institution (EMI) on January 13, 2022, BENKER will be the first financial services provider in the European Union to operate entirely on blockchain.
Designed to meet privacy and regulatory requirements
Neobank runs on a hybrid blockchain called Natrix, specifically designed to meet the requirements of the financial sector. As a result, the service will not require any additional efforts from clients and meets all GDPR, bank privacy, and regulatory requirements.
According to Viktor Bodnár, CEO of BENKER:
“BENKER will be the catalyst – igniting the fundamental transformation of how personal finances are managed digitally as well as establish an industry-wide standard”.
In particular, Bodnár sees the introduction of blockchains in banks as completely transformative – “New World Order”, significantly diminishing a client’s risk to the ups and downs of the financial market.