The First Crypto Bank in Puerto Rico Rolls Out Digital-Asset Custody Service

FV (Fintech Ventures Bank), an international financial entity, is now offering a digital-asset custody solution for seamless protection and interoperability. fiat, according Bloomberg 

First, the crypto custody feature will support Bitcoin (BTC). Later, Ethereum will be supported (ETH). Tether (USDT) and USD Coin (USDC), will be included in the coming weeks. Plans to add additional cryptocurrencies in future. 

Steven Beattie says FV Bank is in a unique position in the rapidly growing banking-meets crypto industry.

EY has added the financial crime consulting and crypto risk leader:

“First movers are incredibly valuable. You have the potential to improve your industry position by being the first mover. But being first creates some risk.”

While many cryptocurrency exchanges offer the ability to convert fiat into crypto, it is only available through a handful of US-regulated banks. 

Miles Paschini, FV Bank’s CEO, pointed out:

“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.”

FV Bank views the digital-asset custody services as a way to bridge the gap between traditional financial sectors and the crypto economy. Paschini added:

“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.”

Blockchain.News reported that BNP Paribas, a French-based bank, recently joined the crypto custody bandwagon.

BNP Paribas, Europe’s second-largest bank, partnered with Metaco, a Swiss-based crypto infrastructure company, to offer digital asset custody services to customers. 

Image source: Shutterstock



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