FV Bank selects Fireblocks as its digital asset custody infrastructure partner

By Pavithra R

Puerto-Rico based FV Bank, a licensed digital bank and digital asset custodian, has announced entering into a deal with Fireblocks, an institutional platform for securely moving blockchain-based digital assets.

FV Bank is one of the few banks which has a banking license and digital asset custody licenses that enable the Bank to offer new services inside a vertically integrated and regulated bank service offering. Under the deal, FV Bank will leverage Fireblocks unique MPC-based wallet and network infrastructure to support the introduction of its digital asset custody services, which will seamlessly be integrated within FV Bank’s online banking for its international customers.

“It is very important that our offerings take advantage of the industry’s leading digital asset management infrastructure solution as we move to prove banks can compete and lead in the convergence of digital assets management and fiat based accounts. Selecting Fireblocks’ wallet infrastructure gives us a competitive edge as it will enable us to securely and rapidly deploy a groundbreaking offering from a regulated international bank. We also are committed to provide insurance over our clients assets under management, Fireblocks secure infrastructure has gained the confidence of insurers allowing us to offer a bank grade solution to the marketplace,” said Miles Paschini, CEO at FV Bank. 

For FV Bank, leveraging Fireblocks’ MPC wallet infrastructure and being able to streamline liquidity settlements using proprietary FVNet in combination with the Fireblocks Network guarantees enhances the account holders experience. By leveraging Fireblocks, the bank will scale and quickly enhance and add new products to its service offering, which are unprecedented in a regulated bank.

“FV Bank’s integration of the Fireblocks platform brings us a step closer in our effort to enable secure digital asset adoption among traditional financial institutions. FV Bank’s institutional customers can now securely interact with digital assets at an enterprise level and experience the full benefits of crypto finance with industry leading transaction speeds and the highest levels of operational security,” said Michael Shaulov, CEO of Fireblocks.