Xapo Bank has officially launched its operations in the UK, marking its presence as the sole licensed banking institution to provide a joint interest-bearing account for both USD and bitcoin. “We are thrilled to announce that we have successfully transferred our banking license into the UK. This allows us to deliver our banking services directly to consumers in the UK,” stated Xapo Bank’s CEO.
**Xapo Bank Joins the UK Market with Unique USD and Bitcoin Account**
On Monday, Xapo Bank revealed its entry into the UK market, following the successful passporting of its banking license into the region. In light of the difficulties that prominent fintech companies in the UK have encountered in obtaining banking licenses from regulators in recent times, Xapo emphasized its unique position:
Xapo Bank now stands as the only licensed banking group in the UK that offers an interest-bearing account combining USD and bitcoin.
The firm further noted, “Xapo Bank members have the ability to transfer funds directly, conveniently, and securely around the clock, with limits of up to £1 million GBP. They can also make immediate payments to UK wallets and bank accounts.”
Founded in 2013, Xapo Bank transitioned from a well-known bitcoin wallet into a fully regulated digital-first retail bank under the supervision of the Gibraltar Financial Services Commission in 2021. The bank ensures the protection of its members’ USD deposits up to €100,000 and implements sophisticated security protocols.
Joey Garcia, Director and Head of Regulatory and Public Affairs, commended the UK’s robust regulatory framework and vibrant financial landscape, asserting that Xapo Bank’s entry would play a significant role in shaping the future of digital finance in the area.
Seamus Rocca, the CEO of Xapo Bank, remarked: “We are delighted to share that we have successfully passported our banking license into the UK, enabling us to offer our services directly to the UK market. Accomplishing this is a significant achievement and demonstrates our compliance with the UK’s stringent regulatory requirements.” He added:
“We are excited to broaden our membership in the UK, helping our valued clients to diversify their wealth through bitcoin and secure banking options.”
What are your thoughts on Xapo Bank’s entrance into the UK market and its offerings of USD and bitcoin accounts? Share your insights in the comments below.
