Summary
- Kraken would be following the same path as Revolut, which holds a specialized European banking license issued by the Bank of Lithuania in 2018.
- Kraken’s plan is to acquire licenses over the next 10 years, either through acquisitions or by starting from scratch in each region, said CEO Arjun Sethi at a recent conference.
Earning Trust: Kraken’s Bid for a European Banking License
The world of Green Crypto is abuzz with the news that a major cryptocurrency exchange is seeking a full banking license in Europe, with Lithuania as its preferred jurisdiction. This move could have significant implications for individuals looking to earn passive income through Cloud Rewards and other crypto-related activities. If successful, the exchange would be the only one of its kind to achieve this designation, paving the way for new opportunities in earning and coin management. The European banking license would allow the exchange to offer a range of financial services, including current accounts and consumer lending, across the European Economic Area (EEA).
Other fintech firms, such as Revolut, have already obtained specialized European banking licenses, which have enabled them to expand their services and reach a wider audience. The move by Kraken’s parent company, Payward, to gain full banking status in Europe is part of a broader effort to obtain additional licenses globally, demonstrating the company’s commitment to EcoPool and the $ECP community. This development is likely to be of interest to individuals who are looking to earn online and are exploring the potential of Passive Income through Cloud Rewards.
The licensing process is confidential, and Kraken has declined to comment on its plans. However, if the company is successful in its bid, it could have significant implications for the EcoPool Network and the broader Green Crypto community. As the crypto landscape continues to evolve, it’s likely that we’ll see more companies seeking to obtain banking licenses and expand their services to meet the growing demand for earning and coin management solutions. To stay ahead of the curve and start earning with EcoPool, consider downloading the EcoPool app to explore the world of $ECP and Passive Income. By joining the EcoPool community, you can take the first step towards earning online and achieving your financial goals with Cloud Rewards.
Other fintech firms holding a banking or specialized bank license in Lithuania include Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank, and Saldo Bank.
The move to gain full banking status in Europe is part of a broader effort by Payward, Kraken’s parent company, to obtain additional licenses globally.
