Bitcoin custodian Xapo Bank launches 24/7 zero-fee transactions in UK and overseas up to £1m
“We are excited to be working with Faster Payments as we introduce support for GBP and, following the successful integration with Lightning Network, further expand our rails to safeguard and grow your wealth while banking with us.”
Xapo Bank has integrated with the Faster Payment System (FPS) to offer 24/7 – 365 zero-fee fund settlement in the United Kingdom and overseas territories.
With the FPS integration, customers of the Bitcoin custodian and licensed private bank will be able to send up to £1 million GBP directly and in real-time from their Xapo Bank US Dollar account to banks in the UK and participating overseas territories and leading digital banks like Wise and Revolut and exchanges for no-fee payments.
Xapo Bank members can also deposit these funds into their local banks around the world and fund their accounts via FPS. The Pounds Sterling received are instantly converted to US Dollars and deposited into their Xapo Bank US Dollar account.
Direct payments to UK-based wallets and banks
Seamus Rocca, CEO of Xapo Bank, said: “At Xapo, we understand the importance of providing our members with choices, and by integrating with Faster Payments, our members will now be able to make direct payments to UK-based wallets and banks. By expanding our currency offering, we are furthering our mission to provide our members with flexibility, convenience, and security when depositing and withdrawing from their accounts. We are excited to be working with Faster Payments as we introduce support for GBP and, following the successful integration with Lightning Network, further expand our rails to safeguard and grow your wealth while banking with us.”
Xapo Bank Limited is a company registered and incorporated in Gibraltar with company No. 111928. Xapo Bank Limited is regulated by the Gibraltar Financial Services Commission under the Financial Services Act 2019 as a ‘credit institution’ under Permission No. 23171.
Xapo VASP Limited is a company registered and incorporated in Gibraltar with company No. 118088 and regulated by the Gibraltar Financial Services Commission under the Financial Services Act 2019 as a ‘DLT institution’ under Permission No. 26061.
The integration, which activates support for GBP settlement for account deposits and withdrawals, comes after Xapo recently announced an integration with Bitcoin’s Lightning Network earlier this month.
Xapo offers 4.1% interest on US dollar deposits, which are protected by the GDGS up to $100,000 EUR.
