Xapo Bank launches Bitcoin and fiat interest accounts in the UK

Xapo Bank, a Gibraltar-based licensed private bank, has launched interest-bearing Bitcoin and fiat accounts in the United Kingdom. This makes Xapo Bank the first and only licensed bank in the UK to offer combined interest-bearing US dollar and Bitcoin accounts.

Key features of Xapo Bank's new UK offering include:

• Customers can send funds of up to £1 million ($1.28 million) and make payments to UK-based wallets and bank accounts


• Bitcoin accounts yield 1% interest without staking, lending or locking up asset


• Bitcoin can be spent "like fiat" using a "universally accepted" debit card


• Customers can invest in S&P 500 stocks or acquire select cryptocurrencies


• Xapo has integrated stablecoin payment rails with US dollar bank accounts

Xapo Bank officials stated that gaining a UK banking license was not an easy process, but they are eager to expand local membership. They called access to the UK market a "unique opportunity" to share the future of digital financ.

The UK has been actively positioning itself as a leader in crypto and blockchain, with the FCA estimating that 10% of UK adults held cryptocurrencies in 2023. Xapo is not alone, as other fintech firms like Revolut and Kraken have also recently gained UK regulatory approvals.

https://crypto-bitcoin.info