By Alicia Maher
FV Bank has announced a new partnership with Circle, the famous stablecoin issuer. This new service would allow holders of an FV Bank account to convert their USDC stablecoin into USD during deposits.
FV Bank Now Converts Circle’s USDC To USD For Customers
FV Bank is a United States licensed digital Bank. The banks provide a vertically integrated pack of digital and traditional asset banking for blockchain and fintech firms. It also offers custodian services.
The Bank unveiled a new service lately for its users. This would allow them to convert their USDC stablecoin into USD during deposits instantly.
Customers would receive the stablecoin in their account first. Afterward, the Bank would automatically convert it to USD.
Meanwhile, this service is a welcome development for bank users and the crypto community. It would reduce the domestic and international friction that comes with money transfers.
Additionally, the money transfer will become easier and faster than when using traditional methods. Traditional methods such as bank drafts and wires are usually not cost-effective.
The new service will reduce the touch points of each transaction. As a result, receiving and sending money will become more straightforward.
Furthermore, holders of FV Bank Account would be able to send invoices to their clients abroad in USDC. They will not have to worry about fees, conversions, or having a wallet.
FV Bank To Add Offer Crypto Custodian Services
In an interview, FV Bank Chief Executive Officer, Miles Paschini stated that:
“We are certain that this innovation will significantly improve the customer experience. Also, this initiative will open the door to greater trade with fewer obstacles.”
Meanwhile, Paschini emphasized that the Bank may consider including other stablecoins in the future. However, it will only recognize the USDC for now.
Circle’s USDC will be the only acceptable stablecoin for deposits into USD. According to the CEO, the company decided to work with Circle’s USDC due to its license, real-time 1:1 liquidity, and reserve attestations.
In addition to incorporating USDC, the Bank plans to launch its custody service during Q4 2022. This custodian service will allow customers to store their virtual currencies in a custodial account.
This will be in addition to their depositary account, where the Bank keeps users’ funds. According to Paschini, FV Bank will support major digital currencies such as Bitcoin, Ethereum, and other tokens.
In the future, the Bank will support more digital currencies to provide better services for its users.