Crypto-friendly Xapo Bank expands to India

June 22, 2023 11:57 PM AEST | By Invezz

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Crypto-friendly Xapo Bank expands to India — Image source: Invezz

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Xapo, a crypto-friendly bank that integrates traditional private banking with crypto, is reportedly expanding its services to India.

Headquartered in Gibraltar, Xapo Private Bank offers access to Bitcoin and US Dollar transactions via its app Xapo Bank. Xapo is a fully regulated and licensed bank which means its customers have their fiat deposits protected under the Gibraltar Deposit Guarantee Scheme. The GDGS offers USD depositors protection for up to an equivalent of €100,000.

The bank offers a 4.1% interest on its USD savings account and 1% interest on Bitcoin deposits to its BTC wallet.

According to a news report published by CoinDesk on Thursday, Xapo is also looking to expand these services to customers across South Asia. The move points to the growing cryptocurrency market in the region, with India one of the countries with the highest number of crypto owners.

However, India’s regulatory environment hasn’t been as friendly to cryptocurrency, and recently introduced a 30% capital gains tax. The country also subjects crypto to a 1% deducted at source (TDS) tax.

Commenting on the expansion, Xapo Bank CEO Seamus Rocca noted that Asia offers an evolving crypto landscape and that entry into the market aligns with the company’s mission to bring transparent and secure transactions to more people across the world.

Earlier this month, the bank announced support for the Euro, with customers able to send and receive EUR via the SEPA network. Xapo also joined the Faster Payment System (FPS) in March this year, a move that enabled its customers to send Pounds Sterling from their USD account to UK banks.

The post Crypto-friendly Xapo Bank expands to India appeared first on Invezz.

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