Xapo Bank to offer 1% yield on Bitcoin in UK

Xapo Bank, a Bitcoin-focused institution, has announced its enlargement into the United Kingdom, according to an Aug. 5 connection shared with CryptoSlate.

The steadfast stated that the determination makes it the archetypal licensed slope successful the UK to connection a combined interest-bearing relationship for fiat and Bitcoin.

The enlargement follows the palmy transportation of Xapo’s banking licence to the UK nether the “passporting” scheme. This framework, facilitated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), allows firms from Gibraltar to widen their operations into the UK.

Seamus Rocca, CEO of Xapo Bank, remarked:

“We person successfully passported our banking licence into the UK. This means we are allowed to connection our banking services straight to the UK market. Achieving this is nary casual feat and shows we conscionable the UK’s precocious regulatory standards.”

Xapo’s offering

Xapo’s caller offering enables customers to transportation up to £1 cardinal (about $1.275 million) to UK wallets and slope accounts.

The Bitcoin accounts supply a 1% output without the request for staking oregon plus locking. Additionally, relationship holders tin usage their integer assets done a wide accepted debit paper and entree different fiscal services, including investing successful S&P 500 stocks oregon purchasing prime cryptocurrencies.

Xapo Bank has besides integrated stablecoin outgo options with its USD slope accounts.

Is the UK becoming much crypto-friendly?

Despite caller challenges for fintech companies securing UK banking licenses, regulators person issued 2 specified licenses successful the past 2 months. Xapo’s licensing follows a akin determination by the steadfast Revolut, which precocious received a caller banking license from UK regulators.

Xapo believes these developments awesome the UK’s progressive efforts to presumption itself arsenic a person successful the crypto and blockchain sectors. The FCA reported that 10% of UK adults held cryptocurrencies successful 2023.

Joey Garcia, Director and Head of Regulatory and Public Affairs astatine Xapo Bank, stated:

“The UK is swiftly emerging arsenic a planetary hub for cryptocurrency innovation, boasting a promising regulatory framework, a dynamic fiscal ecosystem, and a talent-rich environment.”

The station Xapo Bank to connection 1% output connected Bitcoin successful UK appeared archetypal connected CryptoSlate.