FV Bank has announced that it has been approved as a Principal Member of Visa.
With this approval, the bank is set to launch a programme to issue Visa cards linked to cryptocurrencies.
Summary
FV Bank, Puerto Rico’s bank that supports cryptocurrencies
FV Bank is based in Puerto Rico, and is approved by the Office of the Commissioner of Financial Institutions (OCIF). Owned by Fintech Holdings, it aims to redefine digital banking globally by seamlessly integrating traditional banking services with digital assets, and supporting the growth of fintech and blockchain companies.
The bank already offers integrated banking services with digital asset custody, but the ability to issue Visa cards is a further evolution of its product suite for those using both fiat currencies and cryptocurrencies.
FV Bank has institutional investors among its clients, to whom it offers a hybrid solution to allow them to hold fiat and crypto, and trade them seamlessly.
FV Bank’s Visa card for crypto services
The new Visa debit card is expected to be available by the end of the year, and will also offer corporate account holders the ability to have multiple cards for multiple authorized employees, all on one account.
The bank recently successfully closed an $8 million Series A funding round. This capital has given new impetus to the very division that handles the safekeeping of digital assets.
FV Bank co-founder and CEO Miles Paschini said:
“Historically, the cards offered in the market that were somewhat compatible with digital assets have been offered only by a fragmented patchwork of program managers and non-bank fintechs. We 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”.
The other co-founder, Nitin Agarwal, added:
“FV bank plans to introduce credit card versions in early 2022 which will enable users to leverage digital assets as collateral for credit lines which will be accessible via the FV Bank Visa card. There is a huge demand for customers who do not want to sell their crypto but want access to spendable funds”.
Visa Puerto Rico Country Manager Luis Guerra commented:
“Thanks to its global presence, partnership approach and trusted brand, Visa can help make digital currencies useful and applicable for payments. Visa’s work in the digital currency field is seen as an extension of its broader network-of-networks strategy, which is focused on enhancing various forms of money movement, whether on the Visa network or beyond. We are pleased to welcome FV Bank as Principal Member license and are thrilled about the fact that they will habilitate Cryptocurrency linked to Visa Card Programs”.
