FV Bank announces launch of digital asset custody service
San Juan-based FV Bank, a licensed global digital bank that offers a vertically integrated suite of traditional and digital asset banking and custody services to customers including fintech and blockchain firms, announced the launch of its digital asset custody and settlement services for its US and international clients.
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 is the first US 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, it stated.
“We’re 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 FV Bank platform offers integrated settlement services and robust compliance, KYC/KYB and AML protocols.
“The infrastructure we’re 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,” the executive said.
“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,” said Paschini.
FV Bank has been granted regulatory approval to provide settlements between digital assets and fiat currencies, allowing clients to settle transactions in their accounts on the FV Bank platform.
“With this 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,” it stated.
Alongside the digital asset custody and settlement service, FV Bank today 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.
“We’re excited to announce the launch of our dedicated account ACH facility for FV Bank customers,” said FV Bank CRO, 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.”
With the launch of the digital asset custody service and the ACH payments processing service, FV Bank is now the leading full-service bank that has regulatory approval and authorization to offer crypto custodial and settlement services to its US and international customer base.