In addition to supporting USDC, FV Bank intends to introduce a custody service in Q4 2022 that will focus on popular coins like Bitcoin and Ethereum.
The most recent financial platform to permit deposits in USD Coin, a stablecoin backed by Circle, is the global digital bank FV Bank (USDC).
The debut of a new service enabling account holders of FV Bank to make direct deposits in USDC to the bank’s U.S. dollar accounts was announced on Wednesday. Customers can now use the new feature to receive USDC on their accounts in a manner similar to how they would receive traditional deposits via wire or an automated clearing house network.
The release states that at the time of deposit, acquired USDC monies are promptly and automatically converted into U.S. dollars (USD). According to the company, this new solution enables FV Bank users to send USDC invoices to their overseas clients, facilitating faster and less expensive transactions as well as conversions.
According to FV Bank CEO Miles Paschini, “We believe this innovation will significantly improve the user experience and open up more frictionless trade.”
Paschini noted that FV Bank may take into account more stablecoins in the future, but USDC will be the first stablecoin allowed for deposit into USD at this time.
The CEO stated, “We have selected USDC because to its licensing, reserve attestations, and the real-time 1:1 liquidity.
In addition to incorporating USDC, FV Bank intends to introduce its own custody service in Q4 2022, enabling users to hold digital assets in addition to their depositary account in a custodial account. According to Paschini, significant cryptocurrencies including Bitcoin (BTC), Ether (ETH), and other tokens would be supported under FV Bank’s custody “depending upon our supported assets criteria.”
FV Bank is a digital bank that accepts cryptocurrencies that is overseen by Puerto Rico’s Office of the Commissioner of Financial Institutions. According to the company’s original strategy, bitcoin custody services would be introduced in 2021, following in the footsteps of significant U.S. banks like Standard Chartered.
The CEO claims that, despite the prolonged crypto winter, there have been no problems with the company’s crypto roadmap.
Overall, the “bear market” hasn’t had an effect on our firm because we keep growing and expanding our services responsibly, according to Paschini.
Not all financial institutions are integrating USDC, including FV Bank. The listing of USDC was revealed on Tuesday by cryptocurrency-friendly stock trading app Robinhood. On Wednesday, the stablecoin will be used for transfers on the Polygon and Ethereum networks.
Some big businesses recently decided to restrict some USDC services, even though FV Bank and Robinhood are moving to add USDC support.
In an announcement made on September 6, Binance stated that it intended to halt trading of USDC as well as other stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD), citing the need for liquidity and capital efficiency. Following Binance’s lead, the Indian exchange WazirX announced the same policies and substituted the Binance-backed Binance USD (BUSD) stablecoin.