Bank3 is a generic method to enable cryptocurrency transfers whose beneficiary remains private until the assets are withdrawn. This is described in a recent blog post. Compared to coin mixers such as Tornado Cash, Bank 3 has two advantages:

  • the gas cost is much lower (by almost an order of magnitude)
  • because the recipient is eventually known, there should thus be no legal issues

Of course, this second point is a drawback for those seeking total privacy, which Bank3 cannot provide by design.

So far we have tested this concept on Ethereum testnet and are looking for partners to bring this into production. A live demo of Bank3 is available here.