FV Bank launches Custody Money Market Account for exposure to US Treasuries
“This offering not only allows our clients to earn income on their funds but also provides them with the flexibility to easily convert custodial funds back to their deposit account so they can easily manage payments. FV Bank continues to prioritize the needs of its clients by offering sophisticated financial solutions with a focus on security, accessibility, and reliability.”
FV Bank, a leading U.S. licensed global digital bank, has announced the launch of its Custody Money Market Account, a move that aims to provide qualified clients with a diversified avenue for earning income on their account balances.
The account is fully operational and allows for seamless transfers between clients’ bank accounts and their Custody Money Market Account.
Invest in money market funds composed of U.S. Treasuries
This new product emphasizes FV Bank’s commitment to offering cutting-edge financial solutions. The Custody Money Market Account grants select clients—including individuals—the ability to invest in money market funds composed of U.S. Treasuries. This enables account holders to invest idle funds or stablecoins in a secure and highly liquid environment, all managed via FV Bank’s secure dashboard. The accounts are held in the bank’s Trust division as custodial accounts and are self-directed by the account holders.
Miles Paschini, CEO of FV Bank, stated, “We’re excited to introduce the Custody Money Market Account as part of our comprehensive suite of financial services. This offering not only allows our clients to earn income on their funds but also provides them with the flexibility to easily convert custodial funds back to their deposit account so they can easily manage payments. FV Bank continues to prioritize the needs of its clients by offering sophisticated financial solutions with a focus on security, accessibility, and reliability.”
Clients can covert USDC to USD via FV Bank
Significantly, the Custody Money Market Account is not exclusive to accredited investors, thereby expanding its reach to a wider client base. This includes large organizations, Payment Service Providers (PSPs), and other accounts with treasury management needs.
The account also offers unique benefits to Small and Medium-sized Enterprises (SMEs). With no minimum holding period and easy access via FV Bank’s portal, SMEs have a new option to optimize their deposits.
Furthermore, clients who hold or receive stablecoins can convert USDC to USD via FV Bank’s conversion service and transfer funds into their Custody Money Market Account.
Paschini added, “We believe that our Custody Money Market Accounts are an important addition to our product suite. It seamlessly integrates with our existing line of products, providing our clients with a comprehensive banking experience that prioritizes both ease-of-use and accessibility.”
FV Bank offers digital asset and fiat custody services
While the service is currently available to qualified account holders, FV Bank plans to extend this offering to a broader clientele in the future. Given its ease of access and the benefits of current market rates, the Custody Money Market Account is poised to become a compelling asset for those seeking to optimize their financial portfolios.
FV Bank is regulated by the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico, USA, and offers a variety of financial services, including digital asset and fiat custody services, catering to corporates, institutions, family offices, and their respective clients.
The Custody Money Market Accounts are provided by third-party issuers and not by FV Bank, which only provides custody services for these accounts. FV Bank is not an investment advisor; all investment decisions are self-directed by the account holders. For terms and conditions, please refer to FV Bank’s website.