A new financial institution is preparing to open its doors for crypto startups in the U.S., and raising capital in an unorthodox manner.
Founded by two Russians and an American with finance backgrounds, Arival Bank (with one “r”) is waiting for an International Financial Entity (IFE) license from regulators in Puerto Rico before it can launch.
In the meantime, San Juan-based Arival is about to kick off an equity crowdfunding campaign on two platforms: SeedInvest, recently acquired by crypto exchange Circle, and Crowdcube in the U.K. The campaign is scheduled to start in early June with a goal to raise $3 million (all in fiat), SeedInvest associate Samuel Lawson told CoinDesk.
Explaining why Arival is raising money this way, CFO Jeremy Berger said:
“It’s important for us to get the public involved, not just as investors but supporters of our vision. We need their feedback to drive the way we flesh out our tech, for example. It builds a real word of mouth presence and we hope it’ll bring significant impact on customer acquisition.”