Xapo Bank Becomes First to Offer Interest-Bearing USD and Bitcoin Account to UK Users
Xapo Bank has become the first licensed bank in the United Kingdom to offer a combined interest-bearing USD and Bitcoin (BTC) account.
The offering comes as part of the bank’s expansion into the UK, facilitated by the successful passporting of its banking license, according to a recent report from Finance Magnates.
Xapo Bank is a Gibraltar-licensed digital banking institution specializing in cryptocurrency.
Xapo Bank’s new offering allows users to send up to £1 million GBP directly to UK-based wallets and bank accounts, with services available around the clock.
“We’re proud to announce we have successfully passported our banking license into the UK,” Seamus Rocca, CEO of Xapo Bank, said.
“This means we are allowed to offer our banking services directly to the UK market. Achieving this is no easy feat and shows we meet the UK’s high regulatory standards.”
Founded in 2013, Xapo Bank has transitioned from a Bitcoin wallet service to a comprehensive digital retail bank and Virtual Asset Service Provider (VASP) custodian.
The bank guarantees USD deposits up to the equivalent of €100,000, providing a security level comparable to traditional banking institutions.
JUST IN: XAPO BANK REPORTEDLY BECOMES THE FIRST UK BANK TO OFFER INTEREST-BEARING BITCOIN ACCOUNTS
— BSCN Headlines (@BSCNheadlines) August 5, 2024
One of the standout features of Xapo Bank’s offerings is a Bitcoin account that provides 1% interest without requiring staking, lending, or asset lockups.
Members can utilize Bitcoin through a universally accepted debit card, invest in S&P 500 stocks, or purchase select cryptocurrencies.
Additionally, the bank integrates stablecoin payment rails with USD bank accounts, effectively bridging traditional banking and digital asset
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