AI Trading

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.

AI Trading

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.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Alicia Maher

By Alicia Maher

Alicia Maher is an accomplished news writer with a passion for storytelling. With years of experience in the field, she is skilled at delivering accurate, engaging, and insightful news coverage to her audience.