Investors of all levels in Puerto Rico now have the opportunity to invest in crypto, thanks to FV Bank. The digital bank now provides retail and institutional investors with crypto custody services.
Bitcoin, Ethereum Custody Now Available
FV Bank was given a go-ahead by the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF). The permission was granted on Monday, announced via a press release by the bank. The custody service would allow investors to keep their crypto, as well as trade them for other cryptocurrencies.
Among the coins that would be part of this service are BTC, ETH, EOS, and XRP. Other ERC-20 tokens would also be available for custody. According to the company, crypto to fiat services would also be included in the new service. The digital banks say it will provide customers with a separate deposit address. This will enable them to hold as many digital assets as they wish, all in separate dresses. The bank intends to start offering these services from 2021 to United State residents.
Inspired by the Openness of OCC
Speaking on the custody services, FV Bank CEO Miles Paschini said the bank will begin with a $20 million-dollar policy. “We’ll grow that policy commensurate with the assets under management,” said Paschini.
The CEO said he was inspired by the Office of the Comptroller of the Currency’s (OCC) decision to allow banks to offer digital custody services. “We went to our regulator and sought clarification and permission as a bank to provide custodial services to our customers,” he said.
FV Bank, which stands for Fintech Ventures has its headquarters in Puerto Rico. However, the country has a unique construct. Puerto Rico is a territory under the United States and therefore some services like banking fall under the US.
The bank was established as a digital bank to help in making payments easier. It currently supports multiple currencies in different countries. Although it focuses on fintech companies, FV Bank’s services are available to all.