- Xapo Bank is the first UK bank to offer interest-bearing accounts for Bitcoin and fiat currency.
- Xapo Bank provides 1% interest on Bitcoin without staking, lending, or locking up assets.
Xapo Bank is the first bank to provide interest-bearing accounts in both Bitcoin and fiat currencies. Gibraltar-based bank announced its extension into the United Kingdom on August 5, 2024, This milestone took place under the UK’s passport program, which was approved by the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), the Bank of England, and Gibraltar authorities.
Seamus Rocca, CEO of Xapo Bank, acknowledged the challenges of getting the license but expressed a desire to grow local membership. Joey Garcia, Director and Head of Regulatory and Public Affairs at Xapo Bank, emphasized the unique opportunity to set the future of digital banking in the United Kingdom, a booming hub of cryptocurrency innovation.
Bitcoin Banking Breakthrough in the UK
The Customer of Xapo Bank can now hold and earn interest on both Bitcoin and USD within a single account. The bank allows customers to send up to £1 million ($1.28 million) and make payments to UK-based wallets and bank accounts. Bitcoin accounts offer a 1% yield without any staking, lending, or locking up assets
In addition to other financial services like investing in S&P 500 stocks and purchasing specific cryptocurrencies, Xapo Bank now offers a “universally accepted” debit card that can be used to spend Bitcoin just like money. Stablecoin payment rails have been connected by the bank with US dollar bank accounts.