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Puerto Rico’s First Crypto Bank Puts Island in Exclusive Club

  • FV Bank has rolled out a digital-asset custody service
  • Offering comes amid shifting tides in island’s banking sector
New York Hosts Annual Puerto Rico Day Parade
Photographer: Yana Paskova/Getty Images

The race to build a fully integrated, US-regulated crypto bank is getting some Caribbean competition.

On Wednesday, FV Bank, an international financial entity registered in the US territory of Puerto Rico, became the first bank of the commonwealth to roll out a digital-asset custody service. With a few mouse clicks, clients will be able to store, transfer and settle Bitcoin and fiat currency within a single account.