Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Banks Beginning to Support Digital Assets – Here’s the Latest to Launch Crypto Custody Service

by Daily Hodl Staff
December 24, 2020
in Futuremash
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

Banks around the world are beginning to soften their stance on cryptocurrency and offer digital asset services to their customers.

FV Bank just received the go-ahead from the Puerto Rico Office of the Commissioner of Financial Institutions (OFIC) to provide custodial services for digital assets like Bitcoin and Ethereum.

FV (fintech ventures) Bank sought permission from the Puerto Rico OFIC, reports Coindesk. The move comes after the U.S. Office of the Comptroller of the Currency (OCC) opened the door for traditional banks to hold digital assets for their customers in July.

Says FV Bank CEO Miles Paschini,

“When the OCC came out with their opinion back in July, we saw that as an opening and went to our regulator and sought clarification and permission as a bank to provide custodial services to our customers. Our goal is to allow anyone, from an individual to an institution, to custody their digital assets and also have seamless banking services related to that custody.”

FV Bank joins several challenger banks that are beginning to offer crypto services. Major banks including Standard Chartered, DBS Bank of Singapore, and Argentina-based BBVA have also recently added crypto services.

In October of this year, DBS hinted at three new offerings for clients: cryptocurrency trading, custody, and a platform for conducting security token offerings. Three months later, DBS established its cryptocurrency exchange division known as the DBS Digital Exchange.

With a target launch date set for the first quarter of 2021, FV Bank has partnered with an unnamed custody tech infrastructure firm and will work with a few different over-the-counter (OTC) trading desks to gain liquidity in the market.

The banking institution will start out with a $20 million insurance cover that will grow commensurate with its assets under management, Paschini tells Coindesk.

FV Bank’s custodial services are available to institutional and retail customers who will be able to open encrypted private accounts that can hold both fiat and digital currencies, exchange between currencies, and use the bank’s internal real-time platform to settle institutional payments.

In addition, FV Bank will provide its account holders with cryptocurrency deposit addresses for every digital asset, as well as offer both online and mobile banking services.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Inked Pixels

Submit a Press Release

Crypto Livewire – Press Releases

  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
  • SnapEx Adds LINK, BNB and TRX Alongside Sign-Up Bonus on a Sleek New App
    December 11, 2020
  • What’s the Role of Bots in Crypto Trading?
    December 3, 2020
Submit a Guest Post
Bitcoin
$31,713.00
$31,713.00
9.28%
Ethereum
$1,217.23
$1,217.23
7%
XRP
$0.277995
$0.277995
3.81%
Litecoin
$133.38
$133.38
7.55%
Bitcoin Cash
$445.90
$445.90
8.48%

Spotlight

  • Banks Fined $14 Billion in 2020 for Money Laundering Violations, Personal Data Leaks and More
    January 15, 2021
  • Crypto Trader Names Top 7 Small-Cap Altcoins As DeFi Mania Breaks Out
    January 19, 2021
  • IMF Says Only 40 Countries Allowed To Issue Digital Currencies
    January 16, 2021
  • What Will Happen After the Last Bitcoin Is Mined?
    January 20, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.