Xapo Bank Makes Debut in UK Market, Introduces USD and Bitcoin Account
In an exciting development, Xapo Bank has officially entered the UK market after successfully obtaining its banking license for the country. This makes Xapo Bank the sole licensed banking group in the UK to provide a unique interest-bearing USD and bitcoin account.
Acknowledging the challenges faced by major fintech firms in securing banking licenses from regulators in recent times, Xapo Bank expressed its delight in achieving this milestone. Notably, Xapo Bank members now have the convenience and security of sending funds directly, at any time, up to £1 million GBP. They can also make direct payments to UK-based wallets and bank accounts.
Since its establishment in 2013, Xapo Bank has transformed from a popular bitcoin wallet into a fully regulated digital-first retail bank under the Gibraltar Financial Services Commission since 2021. The bank ensures the safety of its members' USD deposits up to €100,000 and employs advanced security measures.
Joey Garcia, Director and Head of Regulatory and Public Affairs, commended the UK's promising regulatory framework and dynamic financial ecosystem. Garcia believes that Xapo Bank's presence will play a pivotal role in shaping the future of digital finance in the region.
Seamus Rocca, CEO of Xapo Bank, expressed his pride in successfully obtaining the banking license for the UK market. He emphasized that this achievement demonstrates Xapo Bank's adherence to the high regulatory standards set by the UK. Rocca also shared his enthusiasm for expanding the bank's membership in the UK, assisting valuable members in diversifying their wealth through bitcoin and secure banking.
We invite you to share your thoughts on Xapo Bank's entry into the UK market and its offerings of USD and bitcoin accounts in the comments section below.