Crypto exchange Kraken is trying to become a bank in Europe

If the firm gets the license, Kraken would be the only crypto exchange to have such a designation. It will also tread the same regulatory path as fintech major Revolut, which holds a specialized European banking license issued in 2018 and regulated by the Bank of Lithuania. This allowed Revolut to offer full current accounts, consumer lending, and stock trading across the European Economic Area (EEA). Other fintech firms holding a banking or specialized bank license in Lithuania include Revolut Bank (which holds a full banking license), Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank, and Saldo Bank.