"Crypto-friendly" bank Arival opens today, but scans all addresses for "suspicious transactions"

posted about 1 month ago
After two years of laying the groundwork, crypto-friendly Arival Bank is launching "in beta" Thursday. Arival is more of a fintech startup than a bank traditionally speaking. A team of 20 with offices in Singapore, Puerto Rico and Saint Petersburg, Fla., it plans to provide banking accounts to crypto startups via its sponsor bank, Puerto Rico-based San Juan Mercantile Bank and Trust.

The catch is: if you want to bank with Arival and you own crypto you also need to show what’s in your wallet. The firm is using tools from the blockchain analysis firm Elliptic to scan the crypto addresses that onboarding clients provide and see if there are any suspicious transactions.
Tags: blockchain, bitcoin, news