FV Bank Enables Direct Deposits in USDC

FV Bank Enables Direct Deposits in USDC

Digital bank FV Bank allows customers to make direct deposits using USD Coin (USDC).

FV Bank, a global digital bank providing business and personal accounts, has enabled deposits in USD Coin (USDC).

According to the official announcement, account holders will be able to make direct USDC deposits, which will be automatically converted into the US dollar (USD) at the moment of transaction.

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In the announcement, FV Bank CEO Miles Paschini noted that at this point in time, USDC will be the only stablecoin supported for deposits. However, the CEO doesn’t exclude the possibility that it will seek to include more stablecoins in the future.

When commenting on their new feature, Miles Paschini noted:

It was imperative for us to work with a stablecoin issuer who has an excellent track record and whose values align with our own. We look forward to growing our working relationship with Circle, as we collaboratively help bridge the traditional financial system with the world’s leading blockchains to unlock further growth in the digital asset sector. 

Additionally, FV Bank plans to launch a custody service platform in the fourth quarter of 2022. FV Bank CEO highlighted that custodial services will be supported in Bitcoin (BTC), Ether (ETH), and other coins based upon FV Bank’s asset criteria.

FV Bank has not been the only one integrating USDC into its services. On September 20th, crypto stock trading app Robinhood added USDC to its listings. The Robinhood users will be able to transfer USDC on both Polygon and Ethereum networks. 

However, while some crypto-friendly institutions are integrating USDC into their services, others are ready to part ways. Binance will stop the support of USDC, USDP, and TUSD and convert stablecoin balances to BUSD on September 29th. Another crypto exchange, WazirX, is set to do the same on or before October 5th.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree