10:30 - 11:15
Let me introduce the arrival of the first crypto-friendly fintech bank, a rival for traditional banks who hate crypto, ICOs and other crypto-related players. Our story started when many startups, that together successfully raised hundreds of millions in crypto via ICO, came to us with the problem that banks can’t store their fiat money after the exchange from crypto to fiat. We have met with numerous traditional banks – they are not against crypto or ICOs. However, to work with these type of clients they have to re-educate their employees, especially in compliance, and change their technologies- especially for digital KYC/AML processes, and it’s better to split the risk from the current bank license to a new one. We have analyzed the existing crypto-friendly cards and crypto-friendly neobanks and found they are not able to solve this problem.
Considering we have already been working with fintech(s) as investors for five years, we have a strong track record, reputation and many experts trust us. We do not want to build a big ‘money laundry’ for the crypto-world – on the contrary, we want to help transparent players become ‘crystal clear’ and identify ‘dirty’ players to protect others from them. We are like an open book – our views and ideas are not hidden. They are described in detail within our articles, keynote-presentations at conferences, and workshops- some of which were for traditional banks and regulators across the world.
Arival bank is a digital-only bank for the crypto-community: ICO-backed startups, crypto-exchanges and wallets, etc. It’s products include an online opening of current accounts for businesses, an invoicing platform and a cashflow tracker. We are creating easier, faster and cheaper services for a new class of consumers as they grow up and enter the world. This is certainly a big opportunity within the crypto world. Arival bank wants to deliver faster account activation and a number of other services to speed up business banking. The problem we are solving is that it can take weeks to set up a business account with a traditional bank – and when they find out you are crypto/ICO-related, your current account will be closed. Arival bank does this in minutes by a digital KYC/AML process via laptop or smartphone.
Funds are held under a banking license. To all intents and purposes, a customer would simply use Arival just like it would use a normal business banking account (though traditional banks don’t want to work with these type of clients). Our objective is to take the pain out of running the finances at an ICO/crypto startup. Then, you can easily accept wire transfers from crypto-exchanges in USD (and other currencies). While it’s still the very beginning of our bank’s approach, it could quickly become a good option for companies operating in the crypto/ICO area.