Thanks to an authorization granted by the Bank of Lithuania, Benker is the first bank in the European Union to be able to operate via blockchain
Benker is the first bank that is based on blockchain technology. The neobank received the first official license in Europe, to which the Bank of Lithuania gave the green light in the Electronic Money Institution category.
The difference between the services provided by neobank and its competitors consists in offering customers maximum freedom, total control and, at the same time, high security and ease of use. Here are the advantages of adopting transparent and control guarantees, combined with Benker’s Compliant client autonomy concept.
Benker, the bank that uses the blockchain
Thanks to an authorization, the neobank plays the role of the first financial services provider in the European Union to be able to operate via blockchain.
The adoption of the blockchain brings with it numerous advantages:
constant transparency of banking service providers; complete control of their finances and ease of use; maximum freedom, thanks to the Compliant client autonomy concept.
Benker uses Natrix’s hybrid blockchain technology for the financial sector. The system does not impose additional commitments on customers and operates in compliance with all the requirements of the GDPR: banking secrecy and regulatory provisions.
The origins of banking regulation
The characteristic of the blockchain-based neobank is technological protection, with which it aims to fill a gap in guarantees with a series of appropriate measures. To create the gap are in fact regulations that offer protection of the parties only after the establishment of the trust. Western banking regulation, in fact, dates back to the early modern age, when the Dutch authorities banned short selling.
Since then, each state has adopted its own model in which the supervisory authorities, which deal with the supervision of banks and financial institutions, have enacted laws to protect the liquidity of customers.
Now a new order is born, according to Viktor Bodnár, CEO of Benker, who hopes that the new service will accelerate the evolution in the field of private finance. “Thanks to the license received from the Electronic Money Institution”, said Bodnár, “we are able to radically reduce the exposure of clients towards players operating in the financial markets”.