FV Bank gets go-ahead from OCIF to provide bitcoin custodial services
FV Bank, a global digital bank based in Puerto Rico, announced it has received permission from the Puerto Rico Office of the Commissioner of Financial Institutions to provide custody services for digital assets such as Bitcoin and Ethereum.
FV Bank will begin offering custody services seamlessly integrated into its digital banking platform in early 2021, it announced.
Institutional and retail customers will be able to open an account with fiat and digital asset balances with FV Bank, providing for secure custodial storage of digital assets and seamless exchange to fiat.
The digital assets custodial service will also be compatible with FV Net, the bank’s internal real-time fiat settlement platform that opens up powerful institutional trade settlement services.
FV Bank account holders will be provided cryptocurrency deposit addresses for each digital asset they wish to hold in their accounts. The digital assets will be managed in a secure and insured custodial account linked to their digital bank account. Services will be accessed through online and mobile banking applications.
“We’re very excited to be one of the first regulated international digital banks to offer integrated banking and digital asset custody services,” said FV Bank CEO Miles Paschini.
“FV Bank was founded to drive international banking through financial technology, as it is clear that cryptocurrencies and digital assets are going to be a significant part of global monetary expansion and investment product growth,” he said.
“With this milestone, our vision to offer clients a seamless, fully-regulated banking and digital asset custodial services is coming to life,” he added.