Xapo Bank announced on Monday that it has entered the UK market following the successful passporting of its banking license into the country.

Noting that major fintech firms in the UK have faced challenges in securing banking licenses from regulators in recent years, Xapo stated:

Xapo Bank is now the only licensed banking group in the UK to offer a combined interest-bearing USD and bitcoin account.

“Xapo Bank members can also send funds directly, conveniently, and securely 24/7, up to £1 million GBP. They can also make direct payments to UK-based wallets and bank accounts,” the firm added.

Established in 2013, Xapo Bank evolved from a popular bitcoin wallet to a fully regulated digital-first retail bank under the Gibraltar Financial Services Commission since 2021. The bank guarantees its members’ USD deposits up to €100,000 and employs advanced security measures.

Joey Garcia, Director and Head of Regulatory and Public Affairs, praised the UK’s promising regulatory framework and dynamic financial ecosystem, stating that Xapo Bank’s presence would help shape the future of digital finance in the region.

Seamus Rocca, CEO of Xapo Bank, said: “We’re proud to announce we have successfully passported our banking license into the UK. This means we are allowed to offer our banking services directly to the UK market. Achieving this is no easy feat and shows we meet the UK’s high regulatory standards.” The executive opined:

We are eager to expand our membership in the UK, assisting valuable members in diversifying their wealth through bitcoin and secure banking.

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