Modern Australian

Xapo Bank Announces Updated Member Benefits Including 4.1% interest on US Dollars, 1% Interest on Bitcoin, and GBP Transfer Capabilities through the Faster Payment System (FPS)

BANGKOK, THAILAND - Media OutReach - 21 March 2023 - Xapo Bank, the world's first international private bank to combine traditional banking with Bitcoin, has announced its members worldwide will earn an interest rate of 4.1% on US Dollar deposits*.

Xapo Bank has also introduced 1% interest on Bitcoin, divided over the year and paid out daily, and from this week, Xapo Bank has also added support for GBP through the Faster Payment System. This means members will be able to make payments directly to UK Banks and participating territories as well as to wallets like Wise, Revolut or many exchanges.

FBruegg.jpg

This interest increase on US Dollar deposits doubles the rate the bank previously offered and is significantly higher than the industry average. The raise is part of the bank's interest rates restructuring, which is based on market conditions and aims to ensure that Xapo Bank members can continue to earn sustainable returns on their deposits.

Before the increase to 4.1%, Xapo Bank was paying a 2% interest rate on USD deposits, an already-competitive rate in today's market. This latest increase brings Xapo Bank far above the industry average, making the Gibraltar-based financial pioneer's proposition particularly attractive to consumers. Xapo Bank members also receive protection on fiat deposits up to 100,000.00 US Dollars. This guarantee is provided by the Gibraltar Deposit Guarantee Scheme – a robust level of protection that's equivalent to that provided by leading banks in Europe and the UK.

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.

Seamus Rocca, CEO of Xapo Bank, said: "We are committed to helping our members grow and protect their wealth in a responsible manner. Offering a market-leading interest rate is just one of the ways we do this, alongside operating to some of the highest global standards of private banking and security."

Xapo Bank's decision to introduce GBP payments comes in reaction to uncertainty and turbulent markets.

Seamus Rocca continued: "The ongoing issues related to bank closures in the US and the increased regulatory pressures around crypto could certainly push players to look for alternative jurisdictions and maybe even alternative currencies in which to operate.

"Xapo Bank took a business decision in 2019 to sell our Institutional Custody business and focus on retail, so we are not a B2B bank in the same way that Silvergate or Signature are. Consumers are expressing the need for trusted institutions in the space that offer diverse routes to transfer and receive their funds in a crypto-native way. In addition to its existing Bitcoin offering and its integration into the Faster Payment System, as of this week, Xapo Bank is also activating USDC payments, enabling members to send and receive USDC to their Xapo Bank account, promptly and without any transfer fees."

These updates follow Xapo Bank's recent announcement that it has become the only fully licensed private bank in the world to partner with Lightspark and integrate with the Lightning Network to enable lightning-fast Bitcoin payments for its customers. The partnership enables Xapo Bank 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.

To explore the range of accessible and safe private banking benefits that Xapo Bank offers and to apply for membership, visit: https://www.xapo.com/membership

EDITOR'S NOTES
*Interest rates may vary and can be paid in any supported currency.

Hashtag: #XapoBank




The issuer is solely responsible for the content of this announcement.

About Xapo Bank

Xapo Bank is the world's first international private bank to combine traditional banking with Bitcoin, experienced via an app built on a next-generation secure digital platform.

Xapo Bank originated as cryptocurrency wallet Xapo, founded in 2013 by Wenses Casares. The dream behind Xapo Bank is a world that enjoys economic freedom and wealth protection, no matter where you live or who is running your country. Members of Xapo Bank enjoy the freedom of knowing that their wealth is protected, have instant access to US dollars, can immediately buy and sell their Bitcoin, and exchange USDC to USD instantly in the most secure and safe way possible.

Xapo Bank renders its services through fully regulated entities within the legal jurisdiction of Gibraltar, a rock-solid jurisdiction with a 300-year history of stability and UK standards of law and protection of property rights. Xapo Bank and Xapo VASP are fully segregated and regulated by the Gibraltar Financial Services Commission (GFSC), and all members' fiat deposits are protected up to 100K Euros under the Gibraltar deposit guarantee scheme.

Xapo Bank has a global branch in Gibraltar that members can visit anytime and currently has a 100% remote workforce of 200 Xapiens.

Mass Management: Understanding Its Importance in Heavy Vehicle Operations

Mass management might sound like a technical term, but it really just means making sure your vehicle doesn’t weigh too much, and that the weight i...

Driveree App Expands into Food Delivery with Exciting Discounts and Growth Plans

Victoria, 15 Nov 2024 – Driveree, the innovative app transforming food delivery services in Geelong, Victoria, is now making waves across the coun...

Choosing Affordable Office Cleaning Services with Flexible Contracts

Maintaining a clean work environment is essential not only to the morale and productivity of the employees but also for cost reasons, since cleani...

Tips for Managing Business Funds in High-Interest Accounts

For entrepreneurs, astute fund management extends beyond survival alone—it fuels expansion and ensures ongoing viability. A shrewd tactic involves...

Understanding Regulations and Requirements for Building a Granny Flat

Constructing a granny flat entails understanding and complying with regulations that may differ depending on the area you're, in Here is a breakdown...

Top-Rated Criminal Lawyers in Brisbane: Securing Legal Defence and Justice

Navigating the legal landscape, particularly in criminal defence, is an intricate journey that demands experience, expertise, and a deep commitment ...

Innovative Solar Conduit Solutions: Why Solarflex Stands Out

When it comes to solar installations, efficiency, safety, and regulatory compliance are essential — particularly when tight schedules and diverse en...

Loaded Potato Snacks: Perfectly Crispy French Fries and Air-Fried Hash Browns

Are you craving a crunchy, flavorful potato snack that goes beyond the usual French fries? Let me introduce you to two of my favorite recipes: Loade...

Bulk Liquid Storage Tanks: Essential Solutions for Modern Industry

In industries where managing large quantities of liquids is a daily requirement, bulk liquid storage tanks play a vital role. These tanks are desi...

Bistro Blinds for Seasonal Changes: Adapting Your Outdoor Space

Bistro blinds are outdoor designs that can be adapted for seasonal changes. They warm up the environment by making it wind-free, wet-free, and sun...

Advantages of Using Digital Printing Services

The demand for quick, efficient, and high-quality printing solutions has seen remarkable growth in our modern, fast-paced world. This increasing nee...

Benefits of Professional Strata Management

Navigating the complexities of strata management can be a daunting endeavor for any strata property owner or committee member. Strata management inv...

The Hidden Benefits of Bundling Utilities with Moving Services

Moving can feel overwhelming with so many things to juggle. Hiring a moving company in Brisbane helps make it easier, but did you know you can make it...

Family Mediation: The Path to Resolution, Healing, and Lasting Solutions

In an era where family challenges are often met with emotional and financial strain, family mediation has quietly gained traction as a life-changing...

Surprise Party Ideas That Will Leave Your Guests Speechless

Throwing a surprise party is one of the most exciting ways to celebrate a special occasion. The thrill of keeping it a secret combined with the joy ...

“North of the River” Vs “Over the Bridge” – What’s in Brisbane’s ongoing North Vs South Feuds?

Greater Brisbane Australia’s largest capital city by land area, coming in at 15,824 square kilometers, and ranks number three worldwide. It has Au...

Income Stream Integration: 7 Ways to Earn Money Through Your Website

Whether you sell Vietnamese coffee, review Japanese gadgets, or rent Melbourne self storage, your website is more than just an online presence—it...

Top 10 Benefits of Practicing Taekwondo for All Ages

Taekwondo is more than just a martial art; it’s a way of life that offers profound physical, mental, and emotional benefits. Whether you're a chil...