FV Bank Will Enable Deposits And Conversion Of USDC For Customers

FV Bank, a global digital bank, is the latest financial platform to accept deposits in the Circle-backed stablecoin USD Coin (USDC).

FV Bank announced the launch of a new service on Wednesday that allows account holders to make direct deposits in USDC to the bank’s US dollar accounts. Customers can now receive USDC on their accounts in a manner similar to traditional deposits such as wire transfers or the automated clearing house network.

According to the announcement, funds received in USDC are instantly and automatically converted into USD at the time of deposit. This new solution allows FV Bank users to send invoices to their international clients in USDC, enabling faster and cheaper transactions as well as conversions.

FV Bank CEO, Miles Paschini said in the statement:

“We couldn’t be more pleased to work with Circle and bring almost instantaneous deposits and conversion of USDC to our account holders. It was imperative for us to work with a stablecoin issuer who has an excellent track record and whose values align with our own.

We look forward to growing our working relationship with Circle, as we collaboratively help bridge the traditional financial system with the world’s leading blockchains to unlock further growth in the digital asset sector.”

Aside from integrating USDC, FV Bank intends to launch its own custody service in Q4 2022, allowing customers to hold digital assets in a custodial account in addition to their depositary account. Paschini claims that FV Bank’s custody will support major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and others.

FV Bank is a cryptocurrency-friendly digital bank regulated by Puerto Rico’s Office of the Commissioner of Financial Institutions. The company had planned to launch cryptocurrency custody services in 2021, following in the footsteps of major US banks such as Standard Chartered.

USDC is also receiving support from major institutions and exchanges recently. Robinhood is the most recent to announce the listing of Circle’s stablecoin.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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