FV (Fintech Ventures) Bank has opened its doors in the US territory of Puerto Rico–the first bank in the territory to offer a digital asset custody service.
The crypto-friendly banking institution has been regulatory approved to offer settlements between digital assets and fiat currencies. It is the first US-regulated depository and custodial bank with an in-house vertically integrated technology infrastructure–this makes FV a full-service bank.
Clients are allowed to store, transfer and settle Bitcoin and fiat currency from a single account in a matter of seconds. The bank isn’t stopping there either–they have future plans to include other cryptocurrencies like Ethereum, Tether and USD Coin.
There are many crypto exchanges that allow clients to swap cash for digital tokens. But very few of these are US-regulated–making FV an outlier in this accelerated banking-meets-crypto world. Steven Beattie, financial crime consulting and crypto risk leader at EY believes this should raise concerns.
“First movers are incredibly valuable, said Beattie. “As a first mover you have a chance to change your competitive position across the industry–but being first creates some risk.”
But that’s the whole point. While it certainly creates some risk, fortune favors the bold. FV Bank wants a regulated, traditional bank with a crypto aspect–they want to bridge the gap.
“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,” said Miles Paschini, CEO of the Fintech Ventures Bank.
The news continues the furtherance of cryptos into global society. Countries in Asia like Malaysia to South American Powerhouses Brazil and Colombia, are all actively creating banking options or cryptocurrency traders.