Digital bank FV Bank integrates USDC stablecoin for direct deposits

Published at: Sept. 21, 2022

The global digital bank FV Bank is the latest financial platform to enable deposits in Circle-backed stablecoin USD Coin (USDC).

FV Bank on Wednesday announced the launch of a new service allowing its account holders to make direct deposits in USDC to the bank’s U.S. dollar accounts. The new feature enables customers to receive USDC on their accounts similar to traditional deposits like wire or the automated clearing house network.

According to the announcement, received USDC funds are instantly and automatically converted into the U.S. dollar (USD) at the moment of deposit. This new solution allows FV Bank users holders to raise invoices to their international clients in USDC, enabling faster and cheaper transactions as well as conversions, the firm said.

“We believe this feature will greatly enhance the user experience and open up more frictionless commerce,” FV Bank CEO Miles Paschini told Cointelegraph.

Paschini pointed out that USDC will be the first stablecoin accepted for deposit into USD at this time, but FV Bank might consider more stablecoins in the future.

“We have chosen USDC due to its licensing, reserve attestations and the real time 1:1 liquidity,” the CEO noted.

Apart from integrating USDC, FV Bank also plans to launch its own custody service in Q4 2022, allowing customers to hold digital assets in a custodial account alongside their depositary account. According to Paschini, FV Bank’s custody will support major cryptocurrencies like Bitcoin (BTC), Ether (ETH) and other coins, “based upon our supported assets criteria.”

FV Bank is a crypto-friendly digital bank regulated by the Office of the Commissioner of Financial Institutions in Puerto Rico. The company originally planned to roll out cryptocurrency custody services in 2021, following the suit of major U.S. banks like Standard Chartered.

According to the CEO, the firm’s crypto roadmap has not suffered any issues despite the ongoing crypto winter.

“Overall, the ‘bear market’ has not impacted our business as we continue to grow and expand our services in a responsible way,” Paschini said.

FV Bank is not the only financial institution integrating USDC recently. On Tuesday, crypto-friendly stock trading app Robinhood announced the listing of USDC. The stablecoin will become available for transfer on both Polygon and Ethereum networks today.

Related: Circle co-founder says converged dollar books on Binance would be good for USDC

While FV Bank and Robinhood are moving to add USDC support, some major companies have recently opted to let go of the stablecoin.

On Sept. 6, Binance announced plans to delist USDC alongside other stablecoins like Pax Dollar (USDP) and TrueUSD (TUSD), citing liquidity and capital efficiency purposes. The Indian exchange WazirX subsequently followed Binance in announcing the same measures and offering Binance-backed Binance USD (BUSD) stablecoin instead.

Tags
Bitcoin
Business
Cryptocurrencies
Stablecoin
Fiat Money
Robinhood
Banks
Related Posts
Switzerland’s top online retailer completes transaction with digital franc
Galaxus, the largest online retailer in Switzerland, could start accepting payments in a stablecoin issued by local cryptocurrency bank Sygnum. According to an Aug. 27 tweet by Sygnum, the companies have just completed an electronic commerce payment using Sygnum Bank’s stablecoin known as Digital Swiss Franc (DCHF). As officially announced, the e-commerce transaction was enabled by Denmark-based crypto payment processor Coinify. Launched in March 2020, Sygnum’s DCHF stablecoin is pegged one-to-one to with the Swiss franc, and intends to eliminate the need for card systems, reduce settlement costs and fraud, as well as provide instant transactions. As previously reported, Sygnum …
Bitcoin / Aug. 27, 2020
Search for fiat alternative ‘perfectly reasonable,’ says StanChart CEO
Bitcoin (BTC) and other cryptocurrencies have a permanent role in financial markets, but other digital assets such as central bank digital currencies (CBDC) or nonfungible tokens (NFT) could likely outperform crypto, according to Standard Chartered CEO Bill Winters. Speaking on a Standard Chartered conference call, Winters echoed the “crypto is here to stay” narrative and said there’s a role for non-fiat currencies, given the concerns about inflation. “Broadly, we’ve gone through a long period of low inflation, and we’ve got central banks experimenting in uncharted territory with very, very loose monetary policy,” Winters said, adding: “It’s perfectly reasonable for people …
Nft / Oct. 14, 2021
Huobi Exchange Partners With UAE Real Estate Firm to Enable Crypto Payments
Major cryptocurrency exchange Huobi has partnered with a real estate firm in the United Arab Emirates (UAE) to allow real estate investors to pay in cryptocurrencies. The Singapore-based crypto exchange has entered a partnership with fäm Properties, a tech-driven real estate agency based in Dubai, to offer crypto payment options for its real estate investors, UAE-based business publication AMEinfo.com reports Jan. 12. Crypto to enable more stability and liquidity in the real estate market Specifically, the partnership enables fäm Properties to accept payment in cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP and other major cryptos including stablecoins, the report reads. …
Bitcoin / Jan. 13, 2020
Crypto Bahamas: Regulations enter critical stage as gov't shows interest
The crypto community and Wall Street converged last week in Nassau, Bahamas, to discuss the future of digital assets during SALT’s Crypto Bahamas conference. The SkyBridge Alternatives Conference (SALT) was also co-hosted this year by FTX, Sam Bankman-Fried’s cryptocurrency exchange. Anthony Scaramucci, founder of the hedge fund SkyBridge Capital, kicked off Crypto Bahamas with a press conference explaining that the goal behind the event was to merge the traditional financial world with the crypto community: “Crypto Bahamas combines the crypto native FTX audience with the SkyBridge asset management firm audience. We are bringing these two worlds together to create a …
Adoption / May 3, 2022
What is the economic impact of cryptocurrencies?
How do cryptocurrency investments impact the broader crypto-economy? Although the cryptocurrency market appears to grow in a positive feedback loop, that does not mean that (un)expected events may not impact the trajectory of the ecosystem as a whole. Although blockchain and cryptocurrencies are fundamentally meant as ‘trustless’ technologies, trust remains key there where humans interact with one another. The cryptocurrency market is not only impacted by the broader economy, but it may also generate profound effects by itself. Indeed, the Terra case shows that any entity — were it a single company, a venture capital firm or a project issuing …
Bitcoin / Oct. 1, 2022