In addition to USDC support, FV Bank also plans to launch an escrow service in Q4 2022, targeting major currencies like Bitcoin and Ethereum.
Global digital bank FV Bank is the latest financial platform to allow deposits into the Circle-backed USD Coin (USDC) stablecoin.
FV Bank on Wednesday announced the launch of a new service that allows account holders to make direct USDC deposits to bank accounts in US dollars. The new feature allows customers to receive USDC into their accounts in a similar way to traditional deposits such as wire transfers or the automated clearing network.
Per the announcement, received USDC funds are instantly and automatically converted to United States Dollars (USD) at the time of deposit. This new solution allows FV Bank users to issue invoices to their international customers in USDC, enabling faster and cheaper transactions and conversions, the company said.
“We believe this feature will greatly improve the user experience and open up smoother trading,” FV Bank CEO Miles Paschini told Cointelegraph.
Paschini noted that USDC will be the first stablecoin accepted for USD deposit at the moment, but FV Bank may consider more stablecoins in the future.
“We chose USDC because of its license, reserve certifications, and real-time 1:1 liquidity,” noted the CEO.
In addition to integrating USDC, FV Bank also plans to launch its own escrow service in Q4 2022, which will allow customers to hold digital assets in a escrow account alongside their escrow account. According to Paschini, FV Bank custody will support major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and other currencies “based on our supported asset criteria.”
FV Bank is a cryptographic digital bank regulated by the Office of the Financial Institutions Commissioner of Puerto Rico. The company originally planned to launch cryptocurrency custody services in 2021, following the lead of major US banks such as Standard Chartered.
According to the CEO, the company’s cryptocurrency roadmap has not suffered any issues despite the ongoing crypto winter.
“Overall, the bear market has not affected our business as we continue to grow and expand our services responsibly,” said Paschini.
FV Bank is not the only financial institution to join the USDC recently. On Tuesday, cryptocurrency-compatible stock trading app Robinhood announced the USDC listing. The stablecoin will be available for transfer on the Polygon and Ethereum networks today.