The number of banks globally starting crypto custody continues to grow. A Puerto Rican-based allegedly ‘neobank’ called FV Bank adds to the list of latest to board the gravy train.
According to the announcement, the bank published that it had been authorized by the Puerto Rico regulatory Office of the Commissioner of Financial Institutions to commence offering Bitcoin (BTC) and Ethereum (ETH) custodial services to both retail and institutional investors – with other tokens and crypto-to-fiat exchange services also in the pipelines.
The bank stated that it will roll out the services early in 2021, and will procure insurance coverage for all of the funds customers place in custody with FV Bank – via a system it has taken out with British insurance giant Lloyds.
The bank declared that its impending custody products were “proving to be very attractive” to its “international business, institutional investors and retail customers.”
And the neobank continued that it would endeavor to combine the custody services with its FV Net settlement system.
The bank’s main headquarters is in San Juan, Puerto Rico, and began offering banking services to American and international customers earlier this year.
An increasing number of banks and crypto brokerages in the incorporated territories of the United States have also moved to launch crypto custody services after the Office of the Comptroller of the Currency accepted the notion of allowing banks to hold crypto for their clients.
No Comment