A well-designed onboarding process is not just about satisfying AML / KYC requirements. If done correctly, it can significantly reduce onboarding time and cost; and be used to access new business opportunities among a generation of wealthy crypto entrepreneurs. 1. Crypto Wealth Narrative** * Initial Investments -** e.g., fiat deposits to an exchange, mining, or ICO participation. * Timeline of Activity** - when and how they entered (and moved through) the crypto space, and what chains and services were used over which timeframes. * Wealth Creation - which on-chain positions (tokens, wallets, investments) generated the most wealth for the prospect. * Liquidation History - where and how did the prospect cash out, and approximately how much wealth was generated. Tip for banks:** _2. Collect a List of Wallet Addresses** * Personal (self-custody) wallets** - these might be cold storage wallets (e.g. Ledgers or Trezors used to keep assets safe offline) or hot wallets (e.g. MetaMask, usually used for ongoing trading) * Exchange deposit addresses** — especially important for those venues used to liquidate funds (to assess how much wealth was exited through them) * Protocol-specific addresses** — those used for staking or liquidity pool positions. Tip for banks: _3. Identify and Request Additional Documentation Early * ICO/Token sale records** — purchase agreements, ICO wallets and token allocation information (especially if the prospect is a founder or insider of a protocol and received tokens for their involvement) * Mining documentation** — hardware invoices or mining pool pay-out records. * OTC trade statements — signed contracts or settlement records with trading desks. * Exchange account history — downloadable transaction exports containing deposits and withdrawals. Tip for banks:** _4. Verify Wallet Ownership** * Cryptographic signature:**__Etherscan’s message verification tool](mailto:info@hoptrail.io) for on-chain proofs.
* Test Transaction** \- Prospect sends a nominal amount (e.g., 0.0001 BTC) to a bank-designated address on a specified date / time.
* Visual Confirmation **\- A screenshot or live video showing the wallet linked to the client’s account.
Tip for banks: **_ It is important to clearly explain the purpose and necessity of the onboarding process. Transparent communication helps build trust, alleviates concerns about privacy, and increases the likelihood of client cooperation. This approach not only streamlines onboarding but also positions the bank as a trusted partner, improving the prospects of establishing and growing the relationship.Hoptrail’s checklist serves as a strong foundation. Using it to underpin a clear, comprehensive onboarding approach for crypto prospects will maintain compliance, build client trust, and empower banks to win new business.