Source: Xapo Bank
Xapo Bank, a leading Bitcoin custodian and licensed private bank, today announced that it 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, Xapo Bank members will be able to send up to £1m GBP directly, conveniently, and securely all in real-time.
Members can now send Pounds Sterling directly 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. Members can then deposit these funds into their local banks around the world.
Members can also fund their accounts via FPS. The Pounds Sterling received are instantly converted to US Dollars and deposited into their Xapo Bank US Dollar account.
A fully licensed and regulated bank, Xapo is a member of the Gibraltar Deposit Guarantee Scheme (GDGS) and provides members with the confidence they need that their FIAT currency is protected by the highest standards of regulatory independence and oversight.
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.
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 offers 4.1% interest on US dollar deposits, which are protected by the GDGS up to $100,000 EUR.