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FV bank integrates traditional banking with digital asset custody services and has products ranging from depository accounts and payment services to digital asset custody.
Puerto Rico-based FV Bank has announced a strategic integration with USDC issuer Circle to enable account holders to receive deposits of the stablecoin into their accounts. With this integration, Circle will instantly convert USDC deposits to USD.
In a Wednesday blog post, the bank, which largely deals with international payments, revealed that the deal with Circle would make international payments easier and cheaper.
“This service will greatly reduce the friction of domestic and, especially, international settlements as the money transfer process becomes dramatically faster than the traditional banking sector. Not only will money transfers be much quicker than traditional methods such as bank wires and drafts, but this service will also be a cost-effective alternative and reduce the number of touch points per transaction, making receiving and sending funds more straightforward,” the blog post read in part.
The service is available to both institutional and retail clients, reveals the bank, stressing that account holders are not limited to one blockchain and could receive their USDC on both the Ethereum (ERC-20) and MATIC blockchains. To receive the stablecoin, an account holder will have to generate a USDC deposit wallet address on either blockchain first. Once a deposit is made into the wallet, FV Bank will run compliance checks on the transaction. Once everything checks out, Circle will convert the USDC to USD and deposit it into the client’s FV Bank account. Account holders will be able to view the details of their transactions.
“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,” FV Bank CEO Miles Paschini commented on the deal.
FV Bank is an international digital bank and digital asset custodian and is regulated by the Office of the Commissioner of Financial Institutions of Puerto Rico. The bank integrates traditional banking with digital asset custody services and has products ranging from depository accounts and payment services to digital asset custody and Visa card issuance for both institutional and retail clients.