With a focus on India specifically, Xapo Financial Institution has announced that it is expanding its operations and services in South Asia. The Gibraltar-based cryptocurrency-friendly bank offers customers a hybrid banking experience that combines traditional banking services with crypto products like Bitcoin and stablecoins.
According to a press release from Xapo Bank, the bank will start accepting clients from all over South Asia, including India, as part of its efforts to expand internationally. Given the region’s rapidly expanding population and need for crypto services, the banking institution regarded it as a lucrative market.
The expansion of Xapo Bank into South Asia marks a significant change in the region’s traditional banking and financial landscape. Customers will be able to access both a Bitcoin wallet and a secure offshore USD savings account through the financial institution. The banking organization will offer up to 4.1% annual interest rates on USD deposits and 1% annual interest rates on BTC deposits.
As a fully authorized personal financial institution, Xapo is able to pay customers’ interest in Satoshis. The banking institution can even offer quick and secure conversions of cryptocurrency to money. Customers can deposit stablecoins like USDC and USDT and have them instantly converted to USD using this feature. Customers can also access the financial institution’s international money infrastructure, including the SEPA community and Quick Fee System (FPS).
CEO of Xapo Bank Seamus Rocca stated that his company will allow consumers in South Asia to take advantage of the opportunities for financial growth associated with crypto products. According to Rocca, “that is consistent with the encouraging changes we are seeing in Asia’s evolving crypto landscape, as well as our mission to make transacting transparently and securely from anywhere on the planet as simple as it can be for our members.”
