The San Juan Daily Star
FV Bank launches digital asset custody & settlement services
By The Star Staff
FV Bank, a U.S.-licensed global digital bank operating in Puerto Rico, has launched digital asset custody and settlement services for its U.S. and international clients.
The bank is the only one operating in crypto currency. FV Bank is the first U.S.-regulated depository and custodial bank to develop an inhouse vertically integrated technology infrastructure that enables the seamless interoperability and safeguarding of both digital asset and fiat deposits. The FV Bank platform offers integrated settlement services and robust compliance, KYC/KYB and AML protocols.
“We’re excited to announce the launch of our dedicated account ACH facility for FV Bank customers,’’ said FV Bank Chief Revenue Officer Nitin Agarwal. “Adding ACH processing to our suite of digital banking products provides our clients with increased efficiencies, security, and reliability for their payments processing needs.”
FV Bank’s custody feature is live on the platform with immediate effect, launching initially with Bitcoin (BTC) as the first supported digital asset. Ethereum (ETH), USDC and USDT custody is expected to launch in the coming weeks, with phase two of the custody service seeing an additional number of digital assets supported following a vetting and approval process.
FV Bank has been granted regulatory approval to provide settlements between digital assets and fiat currencies, allowing clients to safely and efficiently settle transactions in their accounts on the FV Bank platform. With that feature, FV Bank is now a full-service bank and a digital asset custodian that offers its clients the ability to hold, transfer and settle both digital assets and fiat currencies within one account on the FV Bank platform.
“We are extremely pleased to announce the official launch of our digital asset custody and settlement service,” said Miles Paschini, CEO of FV Bank. “Our primary goal since founding FV Bank has been to help drive blockchain technology innovation in financial services by offering institutional clients a technology solution seamlessly integrated into a regulated bank and trust model that offers traditional banking along with digital assets custody and settlement. The infrastructure we are delivering to the marketplace will help bridge the divide between the traditional financial sector and the digital asset economy and will accelerate digital asset adoption globally. We have also advanced best in class AML procedures for digital assets by combining traditional bank compliance functions with specialized blockchain analytics, to ensure we are positioned as a leader and role model for how banks can participate in the convergence of traditional financial services and the digital asset economy.”
Alongside the digital asset custody and settlement service, FV Bank announced the integration of its Automated Clearing House (ACH) payments processing service. FV Bank clients can now enable automatic direct debits and direct deposits providing them with fully digital payment processing across all business, government and e-commerce companies that use the ACH electronic funds transfer system.