Gibraltar-based, crypto-friendly Xapo Bank has enabled British Pound and USDC stablecoin payments for its users, as a banking crisis has shaken the U.S. crypto sector. It also activated USDC payments this week, enabling its users to send and receive the stablecoin directly to their Xapo bank accounts without any fees, Rocca said.
Binance, the world's largest crypto exchange by volume, announced yesterday that it would be suspending its GBP deposit and withdrawal services for all users in May.
Amid the collapse of three of crypto's preferred banks in the U.S. last week, companies are scrambling for alternatives, and many of them are looking to offshore crypto-friendly banks like Xapo. "Xapo Bank took a business decision in 2019 to sell our Institutional Custody business and focus on retail, so we are not a B2B bank in the same way that Silvergate or Signature are," Rocca said.
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