The Custody Money Market Account provides an opportunity for qualified account holders to earn income on their account balance and make use of easy transfers between their bank accounts and their custody money market account.
The account gives select clients, including individuals, access to money market funds invested in US Treasuries, enabling them to invest their idle funds or stablecoins in a highly liquid and secure manner. This is all done through FV Bank’s secure dashboard. The Custody Money Market Accounts are held in FV Bank’s Trust division as custodial accounts and are self-directed by the account holders.
Moreover, it is not limited to accredited investors, making it accessible to a broader range of FV Banks’s clients, including large organisations and PSPs. Other accounts with treasury management needs can also benefit from this service. For SMEs, the Custody Money Market Account offers a solution not normally available to smaller enterprises. With easy access via the FV Bank portal and no minimum holding period, it offers an opportunity for SMEs to optimise their deposits with FV Bank.
Clients holding or receiving stablecoins will also have a simplified pathway to earning income through the Custody Money Market 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.
The press release states that while access to the Custody Money Market is currently limited to qualified account holders, the service will be opened to a broader client base in the future.
About FV Bank
Headquartered in Puerto Rico, FV Bank is a global digital bank and digital asset custodian regulated by the Office of the Commissioner of Financial Institutions (OCIF). With an integration of banking and payments, including digital asset and fiat custody services, FV Bank seeks to cater to the requirements of corporates, institutions, family offices, and their respective clients through online banking and integrated API solutions.
In January 2023, FV Bank
announced the launch of a cross-border foreign exchange (FX) payments service for its US-based and international account holders. FV Bank’s offering was set to enable clients to execute international payments in seven currency options of the likes of EUR, GBP, CAD, HKD, SGD, ZAR, and JPY, across over 150 countries.
