Bankera is proud to announce a Partnership with an Electronic Money Institution licensed in the EU

We are proud to announce a huge step towards a fully functioning banking-service platform tailored for the blockchain era. In line with our original intentions, the electronic money functionality is planned to be added to Bankera ecosystem through a partnership with Pervesk (the word “pervesk” means “to transfer” in Lithuanian) which is an electronic money institution licensed in EU since late 2017 and has the right to provide electronic money services across Europe with ambitions to grow into a bank one day. In a nutshell, Pervesk will provide a gateway to fiat currency payment services while Bankera and SpectroCoin will stick to virtual currency services.

Bankera partners with Electronic Money Institution

In fact, our current product, SpectroCoin, has been cooperating with Pervesk for some time. Since we have an extensive experience with such partnerships, especially in the areas of KYC and AML, we are certain that Bankera will deliver the best possible product for banking in the blockchain era. As Bankera, SpectroCoin and Pervesk belong to the same group of companies owned by Mantas, Justas and Vytautas, such corporate structure allows the founding team to separate risks associated with virtual currencies from regulated entities; hence, to be fully compliant with legal requirements and at the same time offer the best services to the clients with minimal reliance on 3rd party service providers.

Implications of the Partnership

From the very beginning, Bankera’s aim was to overcome the key challenge for modern financial companies: bringing blockchain based services and traditional finance together within the law. To overcome issues arising from legal frameworks lagging behind the progress made by the decentralization revolution, we have been planning this partnership with Pervesk for a long time. Our hard work of sorting out the best possible model for cooperation and fine-tuning processes (ranging from technological integration to KYC and AML questions) culminated in the partnership.

In other words, licensing and legal issues have been solved for the kick-off of Bankera’s platform. This leaves us with the final obstacle to tackle before the initial functionality is launched. Once the technical solution for Bankera’s infrastructure to communicate with licensed companies is finalized (hint: more partnerships are coming), we will start offering the best services for our clients.

While the partnership with Pervesk is a major milestone, from our perspective it is just one small step towards our ultimate goal. We believe in achieving goals through delivering tangible services and not empty promises or fancy marketing, so stay tuned for more announcements of products and features we have been developing hard in stealth mode.