Kraken, the cryptocurrency exchange planning to go public in the U.S., is pursuing a full banking license in Europe, with a focus on Lithuania as the jurisdiction to secure it, according to a person familiar with the plans.

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).

Kraken declined to comment on the plans. A spokesman for the Bank of Lithuania said the licensing process of financial…