Cryptocurrency exchange Kraken is seeking a bank license in Europe.
Privately held Kraken is reportedly looking to Lithuania as the jurisdiction where it will try and secure a European bank license.
News of the bank license pursuit comes as Kraken plans to go public in the U.S. later this year or in early 2027.
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If Kraken gets the bank license, it will be the only crypto exchange in Europe to have one. The Bank of Lithuania has indicated that it is receptive to bank license applications by foreign firms.
Other financial technology firms that hold a bank license in Lithuania include Mano Bank, PayRay, and Saldo Bank.
The move to gain a bank license in Europe comes as Kraken looks to expand globally.
Earlier this year, Kraken became the first crypto firm to gain access to the U.S. Federal Reserve’s payment infrastructure, enabling it to operate on the same rails as traditional financial institutions.
Kraken CEO Arjun Sethi has talked about the importance of bank licenses, saying “the plan for the next 10 years is to get all of these licenses, either through buying an existing business… or starting from scratch.”
As a private entity, Kraken’s stock does not currently trade on a public exchange.
