FV Bank Granted License To Begin Crypto Custodial Service In Puerto Rico
Trading crypto has never been an easy task as active traders and investors have always intimated us about their stress. Despite that, people are still determined to venture into the crypto market to get their share of the profits promised. Despite this, people in developing countries have always found it hard to trade crypto either because the resources are not there or government regulations.
Some others have even blamed a lack of trusted and secure holdings for their assets. Considering this, users of digital assets in Puerto Rico will not have to worry about safe and secure holdings for their assets. FV Bank has just announced that they will begin to offer custodial services to crypto holders.
The new feature will go live by 2021
According to a recent statement released from the digital bank based in Puerto Rico, it has been accessed and officially granted a license by the Office of the Commissioner of Financial Institutions. The new license will see the digital bank provide crypto holding services to its clients who wish to store digital assets such as Bitcoin and Ethereum.
Furthermore, the bank has assured its clients that this new feature will be integrated into its digital banking platform without the hassle and will be operable at the beginning of 2021. The bank also said that institutional and retail clients can now open accounts with the bank, which can be maintained either with digital assets or fiat.
The firm also noted that this would allow them to store the digital assets securely and help their clients exchange them for fiat and vice versa. The bank has also mentioned that FV Net, the bank’s settlement platform which uses fiat, will be in charge of all custodial activities that will take place on the platform.
FV Bank CEO believes that crypto is the future of the financial system
In the statement, the bank mentioned that not only will FV Net monitor and make transactions inside the country, it would also facilitate cross-border payments on behalf of its clients. Customers on the FV Bank platform will now be provided with wallet addresses in the digital assets that they choose to hold on the platform.
The bank also said that the funds in the wallets will be insured and can be linked to their digital account. The bank says it wants everyone to be a beneficiary of this new feature, so it has provided the feature on its mobile application and website. Giving his review of the new feature, the CEO of FV Bank, Miles Paschini, explained that the firm was pleased to be granted the license to carry out its services across the globe.
He also mentioned that they are trying to foster payments across the world using digital assets as it is clear and evident that crypto is the future of the financial market. FV Bank wants to use this new feature to offer its clients fully regulated, licensed digital asset custodial and banking services across Puerto Rico.
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