2022 was a wild ride for the Crypto and TradFi world! And the last quarter presented us with even worse — the fall of FTX, one of the world’s largest cryptocurrency exchanges. Incidents like these have unquestionably created a demand for transparent regulatory and compliance policies to protect the customers’ interests and avoid the misuse of their funds in the industry. As FV Bank CEO Miles stated, “without a shift in the market to properly regulate these activities, incidents of customer funds being abused and lost will continue.”
Across the world, financial industry executives, lawmakers and regulators are calling for global regulation for digital assets to protect investors. We at FV Bank continue to provide the needed trust, consumer protection, and compliance disciplines such as AML and KYC) to benefit Fintech and Web3 companies to innovate!
An event-filled last quarter at FV Bank
Launched Digital Asset Custody Services
FV Bank Custody is LIVE for US and international customers – a critical key milestone that sets us up to create a self-contained ecosystem where USD and Digital Assets live in the same banking relationships, minimizing risk and increasing convenience for account holders. FV Bank Custody is live on the platform with Bitcoin (BTC) as the first supported asset, and Ethereum (ETH), USDC, and USDT custody are to be added in the coming weeks.
Read this piece by Bloomberg covering our Custody Launch, mentioning FV Bank as “Puerto Rico’s First Crypto Bank, which put Island in Exclusive Club!”
To learn more about FV Bank custody, visit www.fvbank.us/custody
Integrated Circle’s USD Coin (USDC)
To facilitate frictionless commerce, we allied with Circle, integrating the USDC stablecoin into FV’s payment banking infrastructure. This integration allows our account holders to make direct deposits in USDC to their bank’s U.S. dollar accounts, similar to traditional deposits like wire or the ACH network. The deposited USDC funds are instantly and automatically converted into the U.S. dollar (USD) at the moment of deposit without the user worrying about wallets, conversions, fees, etc.
In addition to this, users can also make USDC stablecoin payments to any cryptocurrency wallet, be it to clients, exchanges, or their own account, directly from their FV bank account to anywhere in the world in near real-time.
ACH Direct Debits and Direct Deposits are here!
Alongside our custody feature, we released the dedicated account ACH facility for FV Bank customers, enabling automatic Direct Debits and Direct Deposits for our clients, providing them with fully digital payment processing across all business, government, and e-commerce companies that use the ACH electronic funds transfer system.
Winners of IBSi Award
FV Bank was announced as a winner of the 2022 IBS Intelligence Neo & Challenger Bank Awards in the ‘Blockchain Focus’ and ‘Regional Winners – Americas’ categories. We were recognized by IBSI for our open banking APIs integrating compliant and regulated banking solutions within FinTech and blockchain applications.
Global FinTech and Blockchain Events
In Q4 2022, we continued representing FV Bank at popular fintech/Web3 events & conferences worldwide. Here are just a few:
- Money 20/20 USA in Las Vegas
- Circle Converge 2022
- Singapore Fintech Festival
- Digital Assets Week, Singapore
- PR Blockchain Week & CoinAGENDA Caribbean
Here’re some snippets from the events we attended: https://www.fvbank.us/eventswww.fvbank.us/custody
- CEO Miles’ speaking at Circle Converge 2022 and CoinAGENDA Caribbean 2022: https://twitter.com/yolobro/status/1577037009503145984
- FV Bank Private Reception during CoinAGENDA Caribbean 2022:
Alongside our co-host Stealth Capital, we hosted a VIP reception at the Puerto Rico Blockchain Week, inviting top minds and thought leaders from the Fintech, Web3 and Banking space – https://twitter.com/fvbankus/status/1601304903762092032
Interviews, Podcasts and Articles
We have been gaining some attention! Check out some of the podcast interviews and articles featuring FV Bank leadership below:
- Finovate Podcast by Greg Palmer: https://youtu.be/HQhAAc0zDiY
- Around the Coin Podcast by Mike Townsend: https://youtu.be/bnbUicZfuvU
- The Global Treasurer Webinar on “Embedded Fiance: a game-changing opportunity for banks”: https://app.livestorm.co/contentive/embedded-finance-a-game-changing-opportunity-for-banks
- CardRates.com’s piece on FV Bank Aiming to Bridge the Traditional Finance Gap for Fintechs and Digital Asset Companies: https://www.cardrates.com/news/fv-bank-connects-traditional-banking-with-crypto/
As always, what’s Next?
With 2022 being a year filled with incredible growth and evolution for FV Bank, we are excited about what we’re working on for Q1 2023! Here’s a sneak peek:
- Cross-border payments including EUR, GBP, SGD & more!
- Phase 2 of FV Bank Custody – Providing custody for Ethereum, USDT and USDC.
- FV Bank VISA Cards!