Cryptocurrency may be experiencing some challenges right now but one company is not being deterred by all the uncertainty: Xapo Bank based in Gibraltar is forging ahead with expanding support for different types of digital assets.
CEO Seamus Rocca remains optimistic about industry volatility and sees plenty of room for growth - particularly when it comes to cheaper international payments which he believes are ripe for development.
The great news here lies in the fact that as an already established regulated institution serving both as bank and cryptocurrency firm combined; there are potentially huge benefits from using its platform especially as regards cross border transactions - something customers are increasingly seeking out across various industries worldwide.
Xapo Bank was founded under Gibraltar’s regulatory framework which takes a proactive approach towards cryptocurrency regulation - so there’s no question about whether they’re authorised or not to engage in crypto and other digital payment activities.
As part of its expansion plans the bank recently integrated Tether (USDT) with a view to facilitating even faster and cheaper payments. Xapo previously adopted the USDC stablecoin earlier this year which has boosted its offerings and these stablecoins now have an impressive combined market capitalisation exceeding $100 billion.
Xapo Bank allows customers to deposit and withdraw USDT without any fees whatsoever, promising an annual interest rate of 4.1% on deposits along with a 1:1 conversion rate straight into US dollars.
Xapo Bank has taken another step forward by integrating stablecoins into its offerings complementing Bitcoin’s Lightning Network which it is already supporting through its Lightspark collaboration.
Xapo’s Gibraltar licence issued eight years ago bolsters its commitment towards providing secure cryptocurrency services, thereby making them reliable platforms for customers wanting trustworthiness when dealing with cryptocurrencies.
Despite challenges faced by the industry such as frequent occurrences of fraud on various crypto exchanges, Xapo is still devoted to growth within the market for crypto payment gateways, currently valued at $1 billion and projected to expand to $5.4 billion by 2031.
By collaborating with financial institutions that have an extensive background in blockchain technology and cryptocurrency Xapo aims to handle international transactions using this technology, which eventually will help in curtailing settlement costs for fees incurred today.
Additionally, Faster Payments – the UK's real-time settlement network – is supported by Xapo Bank, where instant payments are processed using digital assets or traditional currencies alike.
As global payment systems continue their shift towards blockchain technology and digital assets, Xapo Bank joins other forward-thinking companies such as Ripple who've successfully leveraged these tools for streamlined currency conversions, while eliminating correspondent banks altogether via their XRP technology.
Exciting examples like Ripple's recent collaboration on a central bank digital currency with Montenegro further illustrate the growing prevalence of digital assets in our current payment landscape; even stablecoin payments are becoming more common across Latin America using XRP tech.
Yet achieving full-scale adoption requires seamless access points between traditional finance systems alongside blockchain-based ones where users can transition easily - creating a mutually beneficial relationship between both sectors where each recognizes their unique strengths.
With regulatory compliance status plus strategic partnerships already enabling it to reap benefits from embracing digital assets such as stablecoins, Xapo Bank continues to empower users with faster and cheaper options for international payments that contribute to the industry's growth and wider adoption.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.