Kraken is targeting Lithuania as the location for obtaining its banking license, according to a source familiar with the company's intentions.
By Ian Allison|Edited by Aoyon AshrafUpdated Jul 7, 2026, 6:49 p.m. Published Jul 7, 2026, 6:38 p.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Payward and Kraken co-CEO Arjun Sethi (CoinDesk)SummaryShow- Kraken seeks to emulate Revolut's strategy, which acquired a specialized European banking license from the Bank of Lithuania in 2018.
- CEO Arjun Sethi mentioned that the goal is to secure licenses over the next decade through either acquisitions or new ventures in various regions.
Kraken, the cryptocurrency exchange that is planning to go public in the U.S., is aiming for a full banking license in Europe, focusing on Lithuania as the jurisdiction to obtain it, according to a source knowledgeable about the plans.
Should Kraken successfully acquire this license, it would be the first crypto exchange to achieve such a status. The company would follow a similar regulatory route as fintech leader Revolut, which was granted a specialized European banking license by the Bank of Lithuania in 2018. This license enabled Revolut to provide comprehensive current accounts, consumer loans, and stock trading throughout the European Economic Area (EEA).
Kraken has opted not to comment on its plans. A spokesperson from the Bank of Lithuania stated that the licensing procedures for financial market participants are confidential.
Other fintech companies that currently hold banking or specialized banking licenses in Lithuania include Mano Bank, PayRay, European Merchant Bank (EMBank), AB Fjord Bank, and Saldo Bank.
Kraken's initiative to achieve full banking status in Europe is part of a larger strategy by its parent company, Payward, to obtain more licenses worldwide.
In March 2026, Kraken Financial became the first digital asset bank to gain access to the Federal Reserve's payment infrastructure, marking a significant milestone as the first crypto entity to operate alongside traditional financial institutions. In May, Payward announced it received a VARA authorization in the UAE.
During a recent presentation at Money 2020 Europe, Kraken's CEO Arjun Sethi emphasized the importance of obtaining banking licenses, stating, “the plan for the next 10 years is to get all of these licenses, either through buying an existing business or going de novo in each region and starting from scratch.”
KrakenExclusiveBreaking NewsLatest Crypto News- 1SpaceX IPO powers record $3.86 billion in tokenized equities trading in June2 hours ago
- 2U.S. SEC to propose crypto rule as soon as this month to ease startups, fundraising2 hours ago
- 3Analysts see more upside for SpaceX as post-IPO research begins4 hours ago
- 4Vanguard opens search for digital assets leader in sign of evolving crypto strategy4 hours ago
- 5AI trade loses steam as infrastructure boom faces reality check4 hours ago
- 6EDX Markets raises $76 million in funding round led by SBI Holdings4 hours ago
- 7Former Tether investment chief is looking to sell part of his stake in the stablecoin giant: Bloomberg5 hours ago
- 8Bitcoin, XRP draw Japanese firms as weak yen drives treasury diversification5 hours ago
- 9Coinbase secures UK authorization to offer traditional investments alongside crypto7 hours ago
- 10Bitcoin's July gains may be fleeting as U.S. demand stays weak7 hours ago
SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
By CoinDesk Research5 hours agoStablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
Why it matters:
Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.
View Full ReportMore From Finance