Puerto Rico-Based FV Bank to Offer Regulated Crypto Custody in the US

[Quantum X]

A Puerto Rico-based digital challenger bank is launching a custody service for digital assets, offering clients the chance to securely store and exchange major cryptocurrencies from early 2021.

to Rico-Based FV Bank to Offer Regulated Crypto Custody in the US

A Puerto Rico-based digital challenger bank is launching a custody service for digital assets, offering clients the chance to securely store and exchange major cryptocurrencies from early 2021.

FV Bank (which stands for fintech ventures) announced Monday it has received permission from the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) to provide custody services for bitcoin (BTC, -2.2%), ether (ETH, -5.25%), EOS (-8.68%), XRP (-7.74%), and “many” ERC-20 standard tokens. It will also allow “seamless exchange to fiat [currency],” according to a statement.

“We are targeting going live in Q1 2021,” an FV Bank representative told CoinDesk via email.

Almost as if the stars were aligned, banks like DBS, BBVA and Standard Chartered have recently been making announcements about providing digital-asset services, perfectly timed with the price of bitcoin reaching all-time highs.

Read more: The Big Banks Positioned to Ride Bitcoin’s Bull Run

An announcement earlier this year by the Office of the Comptroller of the Currency (OCC) opened the door for U.S. banks to take custody of digital assets. This presented an opportunity for firms like FV Bank, a nimble innovator originally set up to provide U.S. banking services to fintech companies.

Find out more:
https://www.coindesk.com/puerto-rico-based-fv-bank-to-offer-regulated-crypto-custody-in-the-us