Gibraltar-licensed xapoprivatebank has integrated Bitcoin’s Lightning Network and partnered with lightspark. By IanAllison123.
. But it’s also about realizing a long-term plan to provide alternative banking possibilities in emerging market countries, explained Xapo CEO Seamus Rocca in an interview with CoinDesk.
Starting out with a wallet, cold-storage custody vault and reserve of 30,000 BTC back in 2013, Xapo later set up in Gibraltar under its virtual asset service provider framework. Sticking close to Bitcoin’s original ethos of financial freedom, Xapo took the decision to sell its institutional business to Coinbase in 2017 to focus on the retail space, Rocca said.
Since beginning the process in 2019, Xapo has been granted a banking license, obtained principal membership of Visa and Mastercard, as well as SWIFT membership. This means the firm can engage directly with correspondent banks, not via payment companies or third parties, and have access to money market accounts.
“We are now a fully-fledged bank with a USD bank account, which we thought is most appealing to emerging markets,” Rocca said. “If you think about the U.S. and places like Europe, people are predominantly looking at crypto almost as a form of gambling. Whereas in places like Argentina, Venezuela, Lebanon, Nigeria, where currencies devalue and you can have hyperinflation, Bitcoin can change people’s lives.
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