- Xapo Bank is bringing the hybrid banking experience to South Asia with particular emphasis on India.
- The crypto-friendly bank combines traditional banking with stablecoins and Bitcoins.
- Xapo’s expansion is an effort to tap into the rapidly growing crypto market in South Asia.
Xapo Bank has announced that it is extending its operations and services in South Asia, with a particular emphasis on India. The Gibraltar-based crypto-friendly bank offers customers a hybrid banking experience that combines traditional banking services with crypto products including Bitcoin and stablecoins.
According to a press release from Xapo Bank, the bank will start accepting customers across India and other South Asian countries amid global expansion efforts. The bank described the region as a lucrative market given its fast-growing population and demand for crypto products and services.
Xapo Bank’s expansion into South Asia represents a significant shift in the region’s traditional finance and banking landscape. The bank will allow users to access a secure offshore USD savings account as well as a Bitcoin wallet. The bank will offer annual interest rates of up to 4.1% on USD deposits and 1% on BTC deposits.
As a fully licensed private bank, Xapo will pay out the interest to customers in the form of Satoshis. The bank will also offer quick and secure crypto to fiat conversions. Users can use this feature to deposit stablecoins like USDC and USDT and have them converted to USD instantly. Users will also have access to the bank’s global payments infrastructure, including Fast Payment System (FPS) and Single Euro Payments Area (SEPA) network.
Xapo Bank CEO Seamus Rocca stated that his firm would let users in South Asia enjoy the financial growth opportunities associated with crypto products. “This is in line with the positive shifts we are witnessing in Asia’s evolving crypto landscape, as well as our mission to make transacting transparently and securely from anywhere in the world as simple as it can be for our members,” Rocca added.
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