- FV Bank announced that Circle’s USD Coin (USDC) can now be instantaneously and automatically converted into US dollars.
- Customers can now use the new capability to deposit USDC into their accounts similarly to how they would deposit cash.
- According to the press release, acquired USDC funds are instantly and automatically converted into US dollars at the time of deposit (USD).
The launch of a new service for FV Bank account holders, the ability to instantly and automatically convert Circle’s USD Coin (USDC) into USD at the time of deposit, has been announced by FV Bank, the U.S.-licensed global digital bank that provides traditional and digital asset banking and custody services to FinTech and blockchain firms.
Customers can now use the new feature to receive USDC on their accounts like how they would receive traditional deposits via wire or an automated clearing house network.
The release states that at the time of deposit, acquired USDC monies are promptly and automatically converted into U.S. dollars (USD). According to the company, this new solution enables FV Bank users to send USDC invoices to their overseas clients, facilitating faster and less expensive transactions as well as conversions.
According to Miles Paschini, CEO of FV Bank, this capability will significantly improve customer experience and facilitate more frictionless commerce.
Paschini noted that FV Bank may take into account more stablecoins in the future, but USDC will be the first stablecoin allowed for deposit into USD at this time.
Money transfers using this service will not only be significantly faster than conventional techniques like bank wires and draughts, but they will also be more affordable and involve fewer touch points per transaction, simplifying the process of receiving and transferring money.
This enables owners of FV Bank Accounts to send USDC-based invoices to their clients abroad and get payment without worrying about wallets, currency conversions, or other expenses.
In addition to incorporating USDC, FV Bank intends to introduce its custody service in Q4 2022, enabling users to hold digital assets in addition to their depositary account in a custodial account. According to Paschini, significant cryptocurrencies including Bitcoin (BTC), Ether (ETH), and other tokens would be supported under FV Bank’s custody “depending upon our supported assets criteria.”
FV Bank is a digital bank that accepts cryptocurrencies that are overseen by Puerto Rico’s Office of the Commissioner of Financial Institutions.