<

Xapo Bank Combines Traditional Banking with Bitcoin, Introduces GBP Support

Xapo Bank, the world’s first international private bank to combine traditional banking with Bitcoin, has announced an increase in its interest rates for both USD deposits and Bitcoin.

As of March 21, 2023, Xapo Bank’s members worldwide will earn an interest rate of 4.1% on US Dollar deposits, which doubles the rate the bank previously offered and is significantly higher than the industry average. Additionally, Xapo Bank has introduced a 1% interest rate on Bitcoin, divided over the year and paid out daily.

This increase in interest rates is part of Xapo Bank’s interest rate restructuring, which aims to ensure that members can continue to earn sustainable returns on their deposits, based on market conditions. Xapo Bank’s 4.1% interest rate on US dollars and 1% interest rate on Bitcoin is available to all new and existing members around the world.

Xapo Bank, which is based in Gibraltar, also provides protection on fiat deposits up to 100,000 US Dollars through the Gibraltar Deposit Guarantee Scheme, which is equivalent to that provided by leading banks in Europe and the UK. This level of protection, combined with Xapo Bank’s market-leading interest rates, makes the bank’s proposition particularly attractive to consumers.

Seamus Rocca, CEO of Xapo Bank, said that the bank is committed to helping its members grow and protect their wealth in a responsible manner, and offering a market-leading interest rate is just one of the ways that it does this. Rocca also stated that Xapo Bank’s decision to introduce GBP payments comes in reaction to uncertainty and turbulent markets, which could push players to look for alternative jurisdictions and currencies in which to operate.

Xapo Bank’s recent partnership with Lightspark and integration with the Lightning Network enables lightning-fast Bitcoin payments for its customers, which allows members to pay for small purchases of up to $100 instantly to any vendor who accepts Lightning payments without suffering high transaction fees and long blockchain confirmation waiting times.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS