Xapo Banks marks a watershed moment for digital asset innovation by enabling members to bypass costly and time-consuming SWIFT payments and deposit and withdraw via USDC instead.
BANGKOK, THAILAND – Media OutReach – 28 March 2023 – Xapo Bank, a leading Bitcoin custodian and licensed private bank, has collaborated with Circle, a global financial technology company helping money move at internet speed, to become the first licensed bank in the world to integrate USDC payment rails as an alternative to SWIFT.
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The issuer is solely responsible for the content of this announcement.
About Xapo Bank
Xapo Bank is a leading Bitcoin custodian and a fully licensed private bank. Founded in 2013, Xapo became one of the most trusted Bitcoin custodians in the industry, providing users with a secure platform to store and transact with their cryptocurrency. Evolving into Xapo Bank, it became the first crypto company in the world to obtain a banking license and has since expanded its offerings to include Savings accounts. It has future ambitions of offering Wealth Management and a full suite of private banking services like secured lending and asset protection among its future ambitions. With this expansion, Xapo is poised to become one of the leading private banks in the world, offering clients a level of security, privacy, and flexibility that is unmatched in the traditional banking industry.
About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is powering always-on internet-native commerce, payments, and custody and is the issuer of USDC and EUROC. Circle’s open and programmable platform and APIs make it easy for organisations both large and small to run their internet-scale business, whether it is managing their internal treasury, making international payments, or automating supply chains. Learn more at https://circle.com
About Faster Payments
The Faster Payments Service (FPS) is a secure payments network that allows banks in the UK to send payments faster. It works by allowing banks on the network to electronically and securely transfer money between each other, with near-instant availability of funds. It is available 24 hours a day, 365 days a year.
FPS’s benefits include faster processing time for payments, reduced costs and increased customer satisfaction.
About Lightning Network
The Lightning Network is a decentralised network on the Bitcoin blockchain that enables instant, low-cost payments across a network of participants. The Lightning protocol makes use of the security and liquidity of the Bitcoin network to create a secure network of participants who are able to transact bitcoin at high volume and high speed with low cost and instant settlement.
