Kraken is seeking a full banking license in Lithuania, according to CoinDesk reporting. If approved, the exchange would become the only crypto platform to hold a full banking license anywhere.
The move mirrors Revolut's path. The fintech firm obtained a specialized banking license from Lithuania's central bank in 2018, which granted it the ability to offer current accounts, consumer lending, and stock trading across the European Economic Area.
For Kraken, a banking license removes intermediaries. Currently, crypto exchanges route deposits, lending, and payments through partner banks. A full license would let Kraken hold customer funds directly and offer those services itself. That deepens the functional overlap between crypto platforms and traditional banks.
This is part of a wider licensing campaign by Payward, Kraken's parent company. In March, Kraken's banking arm won a Federal Reserve master account, granting direct access to the U.S. payment system. In May, Payward secured virtual asset authorization in the United Arab Emirates. At Money 20/20 Europe, co-CEO Arjun Sethi outlined the strategy: obtain licenses in each region over the next decade, either by acquiring existing businesses or building from scratch.
Kraken has been on a capital-raising run. The exchange filed confidentially for a U.S. IPO in November alongside an $800 million raise that valued it at $20 billion, though it paused those plans in March as market conditions weakened.