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Xapo Expands into UK with Unique Bitcoin and USD Interest-Bearing Accounts

Blockchain

Business Honor
06 August, 2024

Founded in 2013 as a Bitcoin wallet, Xapo has transformed into a comprehensive digital bank and VASP custodian

Xapo Bank, a Gibraltar-licensed digital bank, has made its mark in the UK by offering the country’s first combined interest-bearing accounts for Bitcoin (BTC) and USD. This significant step follows the successful passporting of Xapo’s banking license, setting a precedent in the UK’s evolving crypto landscape.

Founded in 2013 as a Bitcoin wallet, Xapo has transformed into a comprehensive digital bank and VASP custodian. Its new UK offerings include an interest-bearing Bitcoin account that yields 1% without staking or asset lockups and a USD account with traditional banking security, guaranteeing deposits up to €100,000. Clients can also use a debit card for Bitcoin transactions, invest in S&P 500 stocks, or acquire select cryptocurrencies. CEO Seamus Rocca emphasized the achievement by noting that Xapo Bank is proud to have met the UK’s stringent regulatory standards and to offer their services directly to the market.

This development comes amid regulatory challenges in the crypto sector, including Bybit's exit from France and legal troubles for major Bitcoin miners. Xapo’s expansion marks a noteworthy advancement in bridging traditional and digital finance.