- Xapo Bank is the first UK bank to offer interest-bearing accounts for Bitcoin and fiat currency.
- Xapo Bank provides 1% interest on Bitcoin without staking, lending, or locking up assets.
As a seasoned crypto investor with over a decade of experience in the digital asset market, I must admit that the recent announcement by Xapo Bank is nothing short of revolutionary. Having navigated through numerous crypto winter seasons and witnessed countless projects crash and burn, it’s refreshing to see a legitimate financial institution like Xapo Bank making significant strides towards mainstream adoption.
Xapo Bank is pioneering in offering savings accounts that yield interest, not just for traditional currencies but also for Bitcoin. On August 5, 2024, this bank based in Gibraltar unveiled its expansion into the United Kingdom. This significant step was made possible through the UK’s passport program, which received approval from the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), the Bank of England, and the relevant Gibraltar authorities.
Seamus Rocca, the CEO of Xapo Bank, admitted the hurdles in obtaining the necessary license but expressed eagerness for expanding their local customer base. Joey Garcia, Xapo Bank’s Director and Head of Regulatory and Public Affairs, highlighted a remarkable chance to shape the future of digital banking within the United Kingdom, an energetic center for cryptocurrency advancements.
Bitcoin Banking Breakthrough in the UK
Users of Xapo Bank now have the ability to store and accrue interest on both Bitcoin and U.S. Dollars within a unified account. The bank facilitates transactions of up to £1 million ($1.28 million) and supports payments to UK digital wallets and banking institutions. Bitcoin balances provide a 1% return without the need for staking, lending, or tying up assets.
Alongside other financial services such as investing in S&P 500 stocks and buying specific cryptocurrencies, Xapo Bank has introduced a widely recognized debit card that allows users to spend Bitcoin as if it were regular money. The bank has linked stablecoin payment networks with US dollar bank accounts for seamless transactions.
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2024-08-06 13:40