Benker: Neobank running entirely on blockchain launches in Europe

Rick Steves

“In obtaining our EMI licence we have been allowed to radically diminish client exposure to the actors of financial markets, and I see this as a move towards the ‘New World Order’.”

Benker has launched in Europe following approval by the Bank of Lithuania under the Electronic Money Institution (EMI) category in a milestone move for the “first officially licensed blockchain neobank”.

The neobank operates entirely on blockchain, being the first financial services provider in the European Union to do so. The bank will offer services for both individuals and SMEs, and a platform on which to buy and sell gold.

“The New World Order”

Now open for pre-registration, the neobank will run on Natrix, a purpose-built hybrid blockchain created for the financial sector to meet all GDPR, bank secrecy and regulatory requirements.

Benker ensures users have complete control, autonomy, and freedom, with users and financial market participants being on the same level. This is part of its goal of Compliant Client Autonomy.

Viktor Bodnár, Chief Executive Officer of BENKER, said: “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. In obtaining our EMI licence we have been allowed to radically diminish client exposure to the actors of financial markets, and I see this as a move towards the ‘New World Order’.

“By adding blockchain to the way in which customer accounts are managed securely, we are offering constant transparency, traceability and complete control over financial matters for our clients, creating the highest level of freedom. This is what we’re calling Compliant Client Autonomy and it’s an idea that is at the heart of BENKER”, he continued.

“We’ve worked hard to create a fully compliant and secure blockchain neobank, and I’m delighted that it is now going live in 2022. The result is a system in which clients and service providers are finally on the same level, and within all legal and regulatory requirements. This will make managing personal finances in the future more efficient than ever.”

With offices in Vilnius, Lithuania and Boston, Massachusetts, Benker was developed by BEM Europe UAB and received approval from the Bank of Lithuania on January 13, 2022 to operate as an Electronic Money Institution.

Benker states that by adding blockchain technology to the existing line of guarantees, financial service providers can deliver full transparency on all transactions while complying with laws and regulations.

While blockchain has been promised as a solution for transparency in transactions, the crypto industry has not only seen immense fraud but even many of its leaders, such as Binance, have systematically failed to comply with the KYC and AML requirements in many countries.

 

Read this next

Fintech

Imandra launches FIX Wizard: AI assistant for FIX connectivity suite

“LLMs hold tremendous promise, but ultimately cannot be trusted in regulated environments. By combining their strengths with scalable, rigorous automated reasoning, we obtain a kind of magic: conversational interfaces with correct reasoning and domain-specific skills.”

Chainwire

Sui Overflow Hackathon Funding Pool Balloons to $1,000,000 as New Sponsors Join

Alibaba Cloud, AngelHack and dWallet are among the latest supporters for the global event.

Institutional FX

Liquidnet launches SuperBlock Matching for equities trading

“The creation of a protected space to trade the most challenging blocks is a direct response to a request from our Membership and is an extension of our existing block trading offering, to facilitate more complex and nuanced trades.”

Retail FX

Midas raises $45 million to expand brokerage beyond Turkey

Midas has raised $45 million in equity funding to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts.

Institutional FX

Appital launches liquidity creation functionality for buyside

“In today’s fragmented market, the likelihood of having natural market contras at size, in multiple days ADV, which also match price ambitions, is incredibly unlikely. What’s more, matching technology alone is no longer enough.”

Crypto Insider

Shiba Inu Secures $12 Million Investment to Advance its Blockchain Technology and Expand Global Ecosystem

Shiba Inu, an expansive digital assets ecosystem constructed on the Ethereum blockchain, featuring the globally recognized cryptocurrency $SHIB, today proudly announced securing a $12 million investment.

Retail FX

99.81% of NAGA shareholders approve merger with CAPEX.com

“Securing this vote will allow us, after the regulatory approvals for the merger, to execute the new business plan. We are expanding the global reach of NAGA and upgrading the SuperApp to offer a true all-in-one user experience, unique in the world of Fintech.”

Market News

Chinese Insurance Giant Leads Market in Face of US Tech Slump

Chinese insurer China Pacific Insurance has emerged as a standout performer amidst the recent flurry of activity in the Asia Pacific markets, capturing the attention of investors and traders alike.

Retail FX

Public strikes deal to acquire Stocktwits

“After launching bonds, a high-yield cash account, and options trading, Public’s platform has earned the right to be the primary brokerage platform for many investors, and we look forward to offering the full breadth of our platform to Stocktwits customers.”

<