🚀 UK Welcomes Crypto-Focused Xapo Bank
posted 5 Aug 2024
Xapo Bank, a crypto-focused financial institution, received a license in the UK and officially launched interest-bearing accounts in USD and BTC. The Bitcoin account offers an annual interest rate of 1% paid directly in BTC, without the need to lock funds or lend to other users.
Obtaining such a license is typically challenging even for large financial companies due to rigorous scrutiny. However, UK residents using Xapo Bank will now be able to deposit up to £1 million GBP, purchase available cryptocurrencies, or invest in traditional stocks.
Achieving this is no easy feat and shows we meet the UK's high regulatory standards,Seamus Rocca, CEO of Xapo Bank, stated.
Initially, Xapo Bank operated as a simple Bitcoin wallet but has since evolved into a fully-fledged bank and virtual asset service provider (VASP). However, it’s important to note that despite the license, Xapo Bank guarantees only €100,000 in case of bankruptcy or potential hacking.
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