FV Bank, the US-approved global challenger bank and growing digital asset custodian, has announced that it has been approved as a senior member of Visa.
This is a key step in establishing FV Bank as a market leader and full service bank offering both traditional banking services as well as the market leading digital asset custody and now the issuance of Visa cards. The new card issuance capability represents an evolution of FV Bank’s vertically integrated product line to serve institutional and retail clients who conduct fiat and cryptocurrency transactions and who are currently not supported by the traditional banking sector.
The first bank in Puerto Rico with a digital asset custody license from the Office of the Commissioner of Financial Institutions (OCIF), FV Bank is also the first FinTech, blockchain and cryptocurrency focused bank to provide to institutional clients a hybrid solution – marrying integrated traditional banking services including payments with the upcoming ability to hold fiat and digital assets in the same account and the ability to seamlessly convert digital assets into fiat currency.
The new Visa debit card will complement its range of services and is expected to be available to FV banking businesses and individual account holders by the end of 2021 on a waitlist basis. While all existing encrypted card programs are on an individual basis only, FV Bank’s Visa card will give its corporate account holders the ability to obtain cards for multiple authorized employees, all drawn from a single account. business.
âHistorically, cards on the market that were somewhat compatible with digital assets were only offered by a fragmented patchwork of program managers and non-bank fintechs,â said Miles Paschini, co-founder and CEO of FV Bank. âWe are proud to be the first bank to provide a truly vertically integrated solution that combines digital asset custody, traditional banking and card issuance services to our international customers. “
âFV Bank plans to introduce credit card versions in early 2022, which will allow users to leverage digital assets as collateral for lines of credit that will be accessed through the FV Bank Visa card. There is a huge demand for clients who don’t want to sell their crypto but want access to usable funds, âsaid Nitin Agarwal, co-founder of FV Bank.
âWith its global presence, partnership approach and brand of trust, Visa can help make digital currencies useful and applicable for payments. Visa’s work in the digital currency arena is seen as an extension of its wider network of networks strategy, which focuses on improving various forms of money movement, whether over the Visa network or beyond. We are delighted to welcome FV Bank as a primary member license and are delighted that they will enable cryptocurrency related to Visa card programs, âsaid Luis Guerra, Country Manager Visa Puerto Rico.
Founded in 2018 by payment entrepreneurs Miles Paschini and Nitin Agarwal, FV Bank offers an online-only banking platform that addresses the need for more open access to banking services for FinTech, blockchain and cryptocurrency companies. Operating on a B2B2C model, FV Bank serves corporate, institutional and family clients and their respective clients, creating a global network of connected users.
FV Bank recently successfully completed a Series A funding round for $ 8 million, the newly injected capital has propelled the bank’s digital asset custody division and Visa core membership.