FV Bank supports stablecoin deposits with USDC

In addition to USDC support, FV Bank wants to develop a custody service targeting major cryptocurrencies such as Bitcoin and Ethereum in the fourth quarter of 2022.

FV Bank is the newest banking platform to offer deposits in the stablecoin USD Coin sponsored by Circle (USDC).

FV Bank on Wednesday launched a new service enabling direct deposits in USDC to U.S. currency accounts. Customers may now deposit USDC into their accounts using the same channels as wire transfers and ACH deposits.

According to the release, USDC assets received at the time of deposit are instantaneously and automatically converted into U.S. dollars (USD). This new solution enables FV Bank customers to submit USDC invoices to their foreign clients, allowing for quicker, cheaper transactions and currency conversions, according to the company.

“We think this functionality will dramatically improve the user experience and allow more frictionless trade,” Miles Paschini, CEO of FV Bank, told Cointelegraph.

To be clear, as Paschini said, USDC is the only stablecoin that FV Bank will accept for conversion into USD at this moment; however, the bank may consider more stablecoins in the future.

The company’s crypto plan has not been affected by the current crypto winter, according to the CEO.

“Overall, the ‘bear market’ has had no effect on our company as we continue to develop and extend our services responsibly,” Paschini said.

FV Bank is not the first financial institution that has incorporated USDC. Robinhood, a stock trading software that welcomes cryptocurrencies, made the decision to include USDC on Tuesday.

While FV Bank and Robinhood are preparing to provide support for USDC, a number of prominent corporations have lately chosen to block some USDC services.

Also Read: Iranian CBDC Launch Set On September 22

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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