Cryptocurrency News

Puerto Rico also Jumps Into the Crypto Space

After the tremendous amount of success and growth portrayed by the crypto-industry in the current year, things are becoming more streamlined for it in the upcoming years. Now, more and more countries are lining up to adopt and become part of the cryptocurrency universe.

In the coming year, it has been speculated that many Third World Countries will be adapting to cryptocurrency technology. One of the major reasons why these countries are moving to the crypto-adoption is to boost the economy. By adopting the crypto-blockchain technology, countries such as India, Pakistan, Bangladesh, and many more will be able to switch to an alternative to the basic financial system.

One of the latest countries that have now decided to move into the cryptocurrency universe is Puerto Rico. Now, one of Puerto Rico’s bank has brought itself into the list of banks that are working hard to adopt crypto-blockchain technology.

It has been revealed that Puerto Rico’s FV Bank is the latest financial institution that is planning to get onboard the crypto-liner. The officials of the Puerto Rican bank ‘FV Bank’ recently held a press-release to make the announcement around its recent developments.

The bank officials announced that they have received authorization from the Puerto Rican regulatory authorities to offer cryptocurrencies in Puerto Rico. The regulatory entity that granted FV Bank with crypto-solicitation rights is the Office of the Commissioner of Financial Institutions.

However, the FV bank confirmed that in the initial, it will only be offering Bitcoin (BTC) and Ethereum (ETH) custodial services to the users. The groups that the FV Bank will be able to offer BTC & ETH custodies would be the institutional and retail investors.

The FV bank clarified that for now, it will be focusing on BTC and ETH custodies. It explained that both the cryptocurrencies are the largest and widely trade all across the crypto-industry. This is the reason why the FV bank has preferred to go with these two assets.

However, the FV bank stated that it definitely has more cryptocurrency assets and services in the pipeline that it will be offering its users. In addition to the cryptocurrencies, it will also be introducing crypto to fiat exchange service to the Puerto Rican investors.

The bank has confirmed that it will be launching its custody for the crypto-assets early in the next year. Once launched, the FV bank will offer insurance coverage for all the crypto-custody it will offer its investors. The FV bank has advised that the insurance coverage it is offering has been derived from Lloyds that is a British Insurance giant.

The FV bank has advised that its product offerings have already amassed a lot of attention from individual, retail, and corporate investors.

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