New cryptocurrency-supporting bank launches in beta

Written by: Ali Raza
June 5, 2020
  • A new cryptocurrency-friendly bank, Arival, has just launched in beta.
  • The bank currently offers accounts for crypto entrepreneurs, with many more options in the pipeline.
  • The company is partnered with a major bank in Puerto Rico, as well as blockchain analysis firm, Elliptic.

The lack of crypto-friendly banks around the world has become really noticeable in recent years, even though a number of trustworthy financial institutions started providing services to crypto businesses. Some have even refused to serve crypto businesses, even if they were not forbidden from doing it. However, this is beginning to change, and new crypto-friendly banks are emerging.

One example is Arival Bank, which just announced that it is launching in beta. As the first order of business, the bank plans to start providing accounts to crypto startups. To do so, it will use its own sponsor bank, San Juan Mercantile Bank and Trust, based in Puerto Rico.

A bit about Arival Bank

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The new crypto-supporting bank was founded by a team of fintech experts, originating from the US and Russia. Their goal is to provide accounts specifically for cryptocurrency entrepreneurs, who are seeing a hard time in finding a bank that would support their businesses.

Alongside them, the bank will also provide support for gig economy workers, who are also not adequately supported by traditional banks.

The new company held a crowdfunding campaign at SeedInvest, where it managed to raise a moderate sum of $2.3 million. Now, it is in the middle of a Series A funding round, with a desire to raise more and increase the development of its services.

At the moment, the company has a presence in three locations, including the US, Puerto Rico, as well as Singapore.

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The bank has a lot in the pipeline

As mentioned, the bank is launching in beta, and already, its clients will be able to start opening accounts. This will allow them to store their funds, as well as transfer them around the globe. However, the bank also plans to introduce more new options in due time — some of which will already arrive in the second half of this year.

Some of these new options will include card issuance, individual accounts, remittance for various currencies, analytics products, and more. Arival is also planning two major features, which includess deposits and savings, as well as lending.

The company is also using tools provided by Elliptic, a blockchain-analysis firm, that allows it to scan various crypto addresses that its clients will provide. This will allow it to keep track of transactions, and identify suspicious activity.

It will also keep track of the clients’ location, as well as the location of their own customers. In addition to that, it will track transaction volumes, which coins are used, and more.