FV Bank digital asset custodian partners with Visa
FV Bank the U.S. licensed global challenger bank and digital asset custodian, has announced that it has been approved as a Principal Member of Visa. According to the press release, The FV Bank partnership with Visa is a key milestone in further establishing FV Bank as a market leader and full service bank offering both traditional banking services as well as digital asset custody and now issuance of Visa cards.
The new card issuing capability represents an evolution of FV Bank’s vertically-integrated product suite to serve institutional and retail clients who transact in fiat and cryptocurrencies and who are not currently catered to by the traditional banking sector.
The first bank in Puerto Rico with an Office of the Commissioner of Financial Institutions (OCIF) digital asset custody license, FV Bank is also the first FinTech, blockchain and cryptocurrency focused bank to provide institutional clients a hybrid solution by marrying integrated traditional banking services including payments with the upcoming ability to hold fiat and digital assets in the same account and the facility to seamlessly convert digital assets to fiat currency.
“Historically, the cards offered in the market that were somewhat compatible with digital assets have been offered only by a fragmented patchwork of program managers and non-bank FinTechs,” said Miles Paschini, co-founder and CEO, FV Bank. “We are proud to be the first bank to provide a truly vertically-integrated solution that combines digital asset custody, traditional banking, and card issuance services to our international customers.”
“FV bank plans to introduce credit card versions in early 2022 which will enable users to leverage digital assets as collateral for credit lines which will be accessible via the FV Bank Visa card. There is a huge demand for customers who do not want to sell their crypto but want access to spendable funds,” said FV Bank co-founder Nitin Agarwal.
“Thanks to its global presence, partnership approach and trusted brand, Visa can help make digital currencies useful and applicable for payments. Visa’s work in the digital currency field is seen as an extension of its broader network-of-networks strategy, which is focused on enhancing various forms of money movement, whether on the Visa network or beyond. We are pleased to welcome FV Bank as Principal Member license and are thrilled about the fact that they will habilitate Cryptocurrency linked to Visa Card Programs,” said Luis Guerra, Country Manager Visa Puerto Rico.
FV Bank recently closed a successful Series A funding round for $8 million, the newly injected capital has propelled the bank’s digital asset custody division and Visa Principal Membership.
