- According to Xapo Bank, the UK’s distinct stance in welcoming the developing sector is reflected in its actions.
According to a statement released on August 5 and shared with CryptoSlate, Xapo Bank, a Bitcoin-focused organization, has announced its entry into the United Kingdom.
According to the company, this makes it the first regulated bank in the UK to provide a fiat and Bitcoin combination interest-bearing account.
The growth comes after Xapo’s banking license was successfully transferred to the UK under the “passporting” program. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have established a structure that permits Gibraltar-based companies to expand their activities into the United Kingdom.
Xapo’s product
With Xapo’s new product, users can transfer up to £1 million, or around $1.275 million, to bank accounts and wallets in the UK.
The Bitcoin accounts offer a dividend of 1% without requiring asset locking or staking. Account holders can also access other financial services, such as buying S&P 500 stocks or certain cryptocurrencies, and utilize their digital assets via a widely accepted debit card.
Additionally, Xapo Bank has linked its USD bank accounts with stablecoin payment possibilities.
Is the UK become more accepting of cryptocurrencies?
Regulators have granted two UK banking licenses to fintech companies in the last two months, despite recent difficulties in obtaining such licenses. Xapo’s licensing comes after company Revolut made a comparable step and recently obtained a new banking license from UK authorities.
According to Xapo, these advancements demonstrate the UK’s determined attempts to establish itself as a pioneer in the blockchain and cryptocurrency industries. 10% of adult UK citizens, according to the FCA, owned cryptocurrency in 2023.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
