FV (Fintech Ventures) Bank, a global financial institution registered in the US territory of Puerto Rico, has launched a digital asset custody service to safeguard and seamlessly interoperate cryptocurrencies and fiataccording to Bloomberg.

The crypto custody feature will first support Bitcoin (BTC). Subsequently, Ethereum (ETH), Tie (USDT) and USD Coin (USDC) will be added in the coming weeks, with plans to add more cryptocurrencies in the future.

FV Bank finds itself in an unusual playing field in the burgeoning banking and cryptocurrency industry, according to Steven Beattie.

EY crypto risk and financial crime consulting leader added:

“Pioneers are incredibly valuable. As a pioneer, you have the opportunity to change your competitive position in the industry. But being the first creates some risk.”

Even though several cryptocurrency exchanges allow users to exchange fiat for crypto, only a few US-regulated banks have this ability.

Miles Paschini, CEO of FV Bank, noted:

“Our main goal since the founding of FV Bank has been to help drive blockchain technology innovation in financial services by offering institutional clients a technology solution seamlessly integrated into a regulated bank and trustee model that offers traditional banking alongside custody and liquidation of digital assets”.

FV Bank sees the digital asset custody service as a springboard to bridge the gap between the traditional financial sector and the crypto economy. Paschini added:

“We have also advanced best-of-breed AML procedures for digital assets by combining traditional banking compliance features with specialist blockchain analytics, to ensure we are positioned as a leader and role model for how banks can participate in the convergence of traditional and digital financial services. asset economy”.

Meanwhile, France-based BNP Paribas recently jumped on the crypto custody bandwagon, Blockchain.News reported.

As the second largest global bank in Europe, BNP Paribas has partnered with Metaco, a Swiss-based crypto infrastructure company, to enable the offering of digital asset custody services to its clients.

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