Xapo Bank Enables Sterling and USDC Payments for its Users

03/15/2023 20:18 • AI Insights • 159 views

It is reported that Xapo Bank, headquartered in Gibraltar and friendly to cryptocurrency, has enabled the payment of sterling and USDC stable currency for its users. Xapo is a licensed private bank and cryptocurrency custodian, focusing on retail customers, and has integrated the flash network of Bitcoin. Seamus Rocca, CEO of Xapo Bank, said: “From today on, we have also added support for sterling through the Faster Payments network, which means that members will be able to pay directly to the UK wallet or bank.” Xapo also activated the USDC payment this week, enabling its users to send and receive stable currency directly to their Xapo bank account without any charge.

Xapo Bank enables sterling and USDC stable currency payment for users

Analysis based on this information:

Xapo Bank, a licensed private bank and cryptocurrency custodian, is reportedly enabling the payment of sterling and USDC stable currency for its users. The Gibraltar-based bank, which focuses on retail customers and has integrated the flash network of Bitcoin, is known for being friendly to cryptocurrency. This move to enable direct payments in both sterling and USDC is likely to be warmly welcomed by users of the platform.

According to Seamus Rocca, the CEO of Xapo Bank, adding sterling support to the Faster Payments network means that users will be able to pay directly to the UK wallet or bank. The Faster Payments network is a UK-based service that facilitates electronic transfers of funds between bank accounts. This should make it easier for users based in the UK to use Xapo Bank’s services.

Meanwhile, activating USDC payment is also a significant development for Xapo Bank. USDC is a stablecoin, which means that its value is pegged to the US dollar. Stablecoins are seen as a potentially valuable tool in the cryptocurrency space, as they can allow people to transact using cryptocurrencies without being exposed to the often-volatile price movements of traditional cryptocurrencies like Bitcoin.

It’s worth noting that Xapo Bank’s decision to enable direct payments in both sterling and USDC is part of a broader trend towards increased adoption of cryptocurrencies and related technologies. As more retailers, financial institutions, and other businesses begin to see the potential of cryptocurrencies like Bitcoin and Ethereum, we are likely to see more integrations like this one.

In summary, Xapo Bank’s move to enable sterling and USDC payments is a positive development for the platform’s users. By making it easier to pay and transact using cryptocurrencies, Xapo Bank is helping to further mainstream adoption of these emerging technologies.

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