FV Bank in San Juan, P.R., has launched a digital asset custody and settlement service.
The bank said in a press release that it will serve U.S. and international clients. It will initially handle Bitcoin with the addition of Ethereum, USDC and USDT custody in coming weeks. More digital assets will be added over time.
FV Bank said it platform has “robust” compliance and Know Your Customer (KYC), Bank Secrect Act (BSA) and anti-money laundering (AML) protocols.
“Our primary goal … 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,” Miles Paschini, the bank’s CEO, said in the release.
“The infrastructure we are delivering to the marketplace will help bridge the divide between the traditional financial sector and the digital asset economy and will accelerate digital asset adoption globally,” Paschini added.
Separately, FV Bank said it has integrated its Automated Clearing House (ACH) payments processing service.
The bank has applied for a master account.