Digital Bank FV Bank to Offer Custody Money Market Accounts

FV Bank says it has launched custody money market accounts for qualified customers.

FV Bank is a digital bank that is based in Puerto Rico and regulated by the Office of the Commissioner of Financial Institutions (OCIF),  The bank is allowed to offer
deposit-taking, custody, and other banking services in the United States and Internationally, but it does not have FDIC insurance.

The custody money market accounts are designed to allow customers access to money market funds invested in US Treasuries. Customers may deposit funds or stablecoins (USDC) and have complete liquidity.

The custody money market accounts are said to be held in FV Bank’s Trust division as custodial accounts and are self-directed by the account holders.

FV Bank notes that these accounts are not restricted to accredited investors and is also available for businesses.

Customers holding or receiving stablecoins are said to have a “streamlined pathway to earning income” through the accounts. Through FV Bank’s USDC conversion service, account holders can easily convert USDC to USD and transfer available funds into their custody money market account.

Miles Paschini, CEO of FV Bank, said the new accounts not only allow clients to earn income on their funds but also provide them with the flexibility to easily convert custodial funds back to their deposit account so they can easily manage payments.

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