The number of banks around the world launching crypto custody just continues to grow – with a Puerto Rico-based so-called neobank named FV Bank the latest to board the gravy train.
Per a press release, the bank announced that it had been given permission by the Puerto Rico regulatory Office of the Commissioner of Financial Institutions to start 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 said that it will roll out the services early in 2021, and will provide insurance coverage for all of the funds customers place in custody with FV Bank – via a policy it has taken out with British insurance giant Lloyds.
The bank claimed that its forthcoming custody products were “proving to be very attractive” to its “international business, institutional investors and retail customers.”
And the neobank added that it would seek to integrate the custody services with its FV Net settlement system.
The bank is headquartered in San Juan, Puerto Rico, and began offering banking services to American and international customers earlier this year.
A growing 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 approved the notion of allowing banks to hold crypto for their clients.
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