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Digital bank FV Bank integrates USDC stablecoin for direct deposits

In addition to USDC support, FV Bank also plans to launch an escrow service in Q4 2022, targeting major currencies like Bitcoin and Ethereum.

Global digital bank FV Bank is the latest financial platform to allow deposits into the Circle-backed USD Coin (USDC) stablecoin.

FV Bank on Wednesday announced the launch of a new service that allows account holders to make direct USDC deposits to bank accounts in US dollars. The new feature allows customers to receive USDC into their accounts in a similar way to traditional deposits such as wire transfers or the automated clearing network.

Per the announcement, received USDC funds are instantly and automatically converted to United States Dollars (USD) at the time of deposit. This new solution allows FV Bank users to issue invoices to their international customers in USDC, enabling faster and cheaper transactions and conversions, the company said.

“We believe this feature will greatly improve the user experience and open up smoother trading,” FV Bank CEO Miles Paschini told Cointelegraph.

Paschini noted that USDC will be the first stablecoin accepted for USD deposit at the moment, but FV Bank may consider more stablecoins in the future.

“We chose USDC because of its license, reserve certifications, and real-time 1:1 liquidity,” noted the CEO.

In addition to integrating USDC, FV Bank also plans to launch its own escrow service in Q4 2022, which will allow customers to hold digital assets in a escrow account alongside their escrow account. According to Paschini, FV Bank custody will support major cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and other currencies “based on our supported asset criteria.”

FV Bank is a cryptographic digital bank regulated by the Office of the Financial Institutions Commissioner of Puerto Rico. The company originally planned to launch cryptocurrency custody services in 2021, following the lead of major US banks such as Standard Chartered.

According to the CEO, the company’s cryptocurrency roadmap has not suffered any issues despite the ongoing crypto winter.

“Overall, the bear market has not affected our business as we continue to grow and expand our services responsibly,” said Paschini.

FV Bank is not the only financial institution to join the USDC recently. On Tuesday, cryptocurrency-compatible stock trading app Robinhood announced the USDC listing. The stablecoin will be available for transfer on the Polygon and Ethereum networks today.

The largest digital bank in Latin America will allocate 1% to BTC and offer cryptocurrency investment services

In addition to buying Bitcoin, Nubank will offer BTC and ETH investment services to its more than 50 million customers.

Nubank, the largest digital bank in Brazil and Latin America, announced that it has partnered with Paxos to allow the bank’s customers to buy, sell and store cryptocurrencies directly through Nubank.

Along with the launch of the new cryptocurrency transaction services, Nubank announced that it will allocate approximately 1% of its equity in Bitcoin (BTC) through the ATM of Nu Holdings, the company that controls the Nubank Group.

“This move reinforces the company’s belief in Bitcoin’s current and future potential to disrupt financial services in the region,” Nubank said, as translated by Cointelegraph.

According to a Nubank statement sent to Cointelegraph, the purchase of Bitcoin and Ethereum (ETH) can be made from $0.2 (or 1 BRL) and will be available in May. The cryptocurrency investment service will be fully implemented at the end of June.

“There is no doubt that cryptocurrencies are a growing trend in Latin America,” explained Nubank founder and CEO David Vélez. “We have closely followed the market and we believe that there is potential for transformation in the region.”

Nubank also reported that the integration with cryptocurrencies aims to expand and improve access to this growing market, eliminating the complexity and friction for customers to buy, hold and sell digital currencies through the app without the need to open new accounts or transfer money.

The company confirmed plans to expand beyond BTC and ETH offerings in the future, but did not detail which assets will be included.

Through a set of APIs, Paxos will allow Nubank to offer cryptocurrency-enabled services to customers, as Mercado Livre and PayPal also do in partnership with Paxos.

It is said that Nubank has more than 50 million customers in Brazil alone. According to Paxos, its partnership with the digital bank represents an important strategic move as Latin America continues to transform into a cryptocurrency hub.

Brazil is firmly committed to digital money!

Nubank and Bitcoin

While this is the first time that Nubank has offered customers the ability to buy BTC and ETH directly, the bank is not new to digital assets. Through Nulinvest, a platform that Nubank acquired in 2020 when it was called Easynvest, the bank already allows clients to buy investment funds with exposure to the digital asset market.

With the acquisition, Nubank also started offering QBTC11, an exchange-traded fund allocated 100% in Bitcoin, managed by QR Asset Management and belonging to the QR Capital group.

Meanwhile, a securities filing earlier this year revealed that Warren Buffett’s Berkshire Hathaway bought $1 billion worth of Nubank stock in the fourth quarter of 2021. The move is said to have given Oracle of Omaha indirect exposure. to the digital asset market.

Related: Coinbase Will Supposedly Buy $2.2 Billion Brazilian Unicorn Behind Bitcoin Market

Nubank is not the only local financial institution looking to offer cryptocurrency investment services. Another Brazilian bank that will also offer Bitcoin investment services to its clients is BTG Practual. The bank’s president, Roberto Sallouti, recently announced that the bank will launch its own cryptocurrency exchange in about two months.