How do FBO accounts work?
Who is the owner of an FBO account?
Are FBO accounts FDIC insured?
FBO accounts, including those used for money services businesses, can be FDIC insured. This is similar to each mailbox in the post office having a form of insurance or protection. Specifically, each virtual account under the FBO account can have up to $250,000 in FDIC insurance, safeguarding the clients' funds.
How to open FBO accounts?
Cybrid provides the API infrastructure to operate with an FBO account. This way you are able to create virtual accounts for KYC approved individuals and KYB approved businesses. We've done the heavy lifting of integrating directly with banks in both the United States and Canada that are friendly to flow of funds that involve cryptocurrencies, like Bitcoin & Circle USDC.
How do I get started with Cybrid?
Getting started with Cybrid is a streamlined and developer-friendly process. If you're ready to explore the possibilities with Cybrid, you can begin immediately in our sandbox environment. This sandbox offers a risk-free space for developers to experiment and familiarize themselves with our platform's capabilities, like the ACH API, ensuring a smooth integration with your existing systems.
Once you're comfortable and ready to move forward, the next step involves understanding our pricing structure and the specifics of our contract. For this, we recommend booking time with our experienced sales team. They will provide you with all the necessary information, tailor a plan that best suits your business needs, and guide you through the contracting process.
Our team is dedicated to making your journey with Cybrid as seamless as possible, from initial exploration in our sandbox to final implementation and beyond. Don't hesitate to reach out and start your journey with Cybrid today!
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