The US-based
Brokerage-as-a-Service know-how firm DriveWealth has secured a brokerage
license from the Financial institution of Lithuania, increasing its world operations into the
European Financial Space.
DriveWealth Secures
European Brokerage License, Establishes Lithuanian Hub
The class
B monetary license permits DriveWealth to determine its European headquarters
within the Lithuanian capital, Vilnius, including to its current regulatory presence
in the US and Singapore. The brand new entity, working as DriveWealth
Europe, will function the corporate’s base for the operations on the Previous
Continent.
“Attaining
this license from the Financial institution of Lithuania marks a pivotal milestone in our world
growth technique,” stated Michael Blaugrund, CEO, at DriveWealth. “Lithuania’s
dedication to innovation made it one of the best match for organising our European hub.
We stay up for working with the Financial institution of Lithuania and leveraging the
help of their monetary ecosystem to supply DriveWealth’s platform to a
broader clientele.”
The
firm’s platform, which permits fractional share buying and selling, has gained some traction
lately by partnerships with digital wallets, broker-dealers, and
client manufacturers globally. The Lithuanian license will enable DriveWealth to
additional develop its presence in Europe and introduce market-specific merchandise.
In accordance
to the discharge, the European entity will work along with Make investments Lithuania,
the home company that goals to advertise international investments within the nation,
working carefully with the Financial institution of Lithuania.
“DriveWealth’s
resolution to determine their European hub in Vilnius additional strengthens
Lithuania’s place as a number one fintech vacation spot in Europe,” states
Elijus Čivilis, Common Supervisor at Make investments Lithuania. “This transfer not solely
validates our efforts to create a nurturing setting for monetary
innovation but additionally highlights the caliber of our expertise pool and regulatory
framework.”
Earlier this 12 months, DriveWealth partnered with Blue Ocean Applied sciences to develop equities buying and selling providers. This collaboration goals to offer traders with prolonged entry to buying and selling providers and market knowledge, particularly within the Asia-Pacific area and different world markets.
Just a few months in the past, the UK’s Bud, a monetary knowledge intelligence platform, additionally expanded to Lithuania after receiving an AIS Supplier license.
Lithuania Attracts Monetary Sector Corporations
The Make investments Lithuania report, “Fintech Panorama,” notes that by the top of 2023, Lithuania hosted 276 fintech corporations, marking a gradual rise from solely 55 in 2014. Among the many early entrants into this market is the UK-based neobank Revolut.
Lithuania has excelled in attracting blockchain and cryptocurrency-focused corporations, with the proportion of those corporations rising from 8% in 2022 to 13% in 2023. One such agency is the crypto financial institution Meld, which lately secured a digital asset service supplier license and launched tokenized real-world asset (RWA) providers in March. The market has additionally welcomed Bitget, a crypto change that has concentrated its current growth efforts on Europe.
This text was written by Damian Chmiel at www.financemagnates.com.
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