Bank

2024

Prime

Bitcoin

Impact

Xapo Bank has expanded its services to the UK, offering interest-bearing bitcoin and fiat accounts following the successful passporting of its banking license. This move marks a significant milestone, making Xapo the first bank in the UK to provide such accounts. 
The passporting mechanism enables Gibraltar-based firms to extend their banking licenses to the UK, with oversight from <a href="https://www.fca.org.uk/">the Financial Conduct Authority (FCA)</a>, the Prudential Regulation Authority (PRA), the Bank of England, and Gibraltar authorities. 
<h2 class="p1" id="xapo-bank-pioneers-interest-bearing-bitcoin-accounts-in-the-uk">Xapo Bank Pioneers Interest-Bearing Bitcoin Accounts in the UK</h2> 
Xapo Bank’s platform offers a 1% interest yield on bitcoin without requiring staking, lending, or locking up assets. However, the source of this interest yield remains unspecified. Users can also use Xapo’s <a href="https://insidebitcoins.com/buy-cryptocurrency/buy-bitcoin/debit-card">debit card to spend bitcoin</a>, make direct GBP payments to UK bank accounts, invest in S&amp;P 500 stocks, purchase select cryptocurrencies, and access stablecoin payment rails via USD bank accounts. 
Fintech firms have faced challenges in obtaining UK banking licenses recently. Despite this, the crypto-friendly app Revolut was granted a new banking license by UK regulators. Since 2021, Xapo Bank has been regulated by the Gibraltar Financial Services Commission, offering limited services in the UK, but it was not recognized as a regulated UK bank until now. 
“This achievement allows us to offer our banking services directly to the UK market,” stated Seamus Rocca of Xapo Bank. “This milestone demonstrates our adherence to the UK’s rigorous regulatory standards. We look forward to expanding our UK membership, helping our clients diversify their wealth through bitcoin and secure banking.” 
Established in 2013, Xapo Bank evolved from a Bitcoin wallet to an e-money wallet, and eventually to a “digital-first” retail bank and <a href="https://seon.io/resources/dictionary/virtual-asset-service-providers/">virtual asset service provider (VASP)</a> custodian. The bank employs multi-party computation (MPC) technology alongside a physical bunker, ensuring USD deposits up to €100,000. MPC enhances multi-sig techniques by splitting wallet keys among multiple parties. 
In May, Xapo Bank partnered with Lightspark, co-founded by former PayPal President David Marcus, to enable bitcoin deposits via the Lightning Network. 
<h2 class="p1" id="uk-regulatory-environment">UK Regulatory Environment</h2> 
In June 2023, former Conservative UK Prime Minister Rishi Sunak advocated for regulatory clarity regarding crypto firm registration and operations, aiming to establish the UK as a global web3 hub. Progress has been made, with the UK Treasury publishing its final proposals for crypto regulation in October, aiming to integrate <a href="https://insidebitcoins.com/buy-cryptocurrency/best-crypto-exchanges">crypto activities into the financial services</a> regulatory framework. 
However, the crypto policy direction under the new Labour government and Prime Minister Keir Starmer remains uncertain. “The UK is rapidly emerging as a global hub for cryptocurrency innovation, supported by a robust regulatory framework, a dynamic financial ecosystem, and a wealth of talent,” commented Joey Garcia, Director and Head of Regulatory and Public Affairs at Xapo Bank. “Our passporting highlights the unique market access for Gibraltar-regulated firms, supported by the Bank of England’s engagement. Xapo Bank is eager to focus on the UK for membership growth as we extend our banking license.” 
The FCA estimated that around 10% of the UK population held crypto assets as of June 2023. The regulator has adopted a cautious stance to protect investors while encouraging innovation. In 2021, the FCA banned the sale of derivatives and exchange-traded products to retail investors. New crypto advertising regulations, effective since last October, have created challenges for some firms, leading to market exits. 
Despite these challenges, the UK’s approach to cryptocurrency regulation is evolving. In May, the London Stock Exchange launched crypto ETNs for professional investors, reflecting ongoing regulatory advancements in the sector. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 🏛️ Xapo Bank has become the first licensed bank in the United Kingdom to offer a combined interest-bearing USD and Bitcoin (BTC) account.<a href="https://twitter.com/hashtag/Xapo?src=hash&amp;ref_src=twsrc%5Etfw">#Xapo</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a><a href="https://t.co/FsQd62Q9pL">https://t.co/FsQd62Q9pL</a> 
 — Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1820443973963731123?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 class="p1" id="wienerai-a-trending-presale-with-a-unique-ai-based-theme">WienerAI: A Trending Presale with a Unique AI-Based Theme</h2> 
Investing in the WienerAI presale is more than just purchasing another cryptocurrency; it represents an opportunity to get involved at the inception of a distinct project that combines humor, technology, utility, and community in a unique way. This early <a href="https://insidebitcoins.com/visit/wienerai" rel="nofollow">investment chance allows enthusiasts to acquire WAI tokens at potentially lower prices</a>, giving them a head start in a project set for growth and community support. 
A key differentiator for WienerAI is its focus on practical utility. The project offers an AI-powered crypto trading bot designed to provide real-time market insights, aiding investors in making informed decisions. What also makes WienerAI attractive is its innovative and appealing narrative—a dog-themed meme coin integrated with artificial intelligence, humorously depicted as part sausage. This imaginative theme leverages the widespread popularity of meme coins, adding a fresh twist that attracts both meme enthusiasts and serious crypto investors. 
The captivating lore of WienerAI, featuring a visionary scientist in a futuristic setting, not only enriches the investment experience but also creates a narrative that investors can support and share. This engaging story fosters a sense of community and shared purpose among investors. 
The strong community support behind WienerAI further enhances its presale appeal. The project has rapidly built a vibrant community, which is crucial for the success of any meme coin. This community actively promotes the token, increasing its visibility and market presence. The community’s enthusiasm and proactive engagement are key indicators of the project’s potential for longevity and success. 
In addition, <a href="https://insidebitcoins.com/visit/wienerai" rel="nofollow">WienerAI offers high staking rewards, which serve as a compelling incentive for potential investors.</a> These rewards encourage early acquisition and holding of the token, supporting its price and stability by reducing sell pressure. The project’s foundation on the Ethereum blockchain as an ERC-20 token ensures a secure, flexible, and widely compatible investment, facilitating integration with a broad range of decentralized applications and services. 
In summary, participating in the WienerAI presale allows investors to benefit from the early stages of a project with a unique thematic appeal, strong community engagement, and highly attractive financial incentives. With its promising setup, WienerAI presents an exciting opportunity for those looking to diversify into a crypto asset that offers both entertainment and functionality. 
<a href="https://insidebitcoins.com/visit/wienerai" class="su-button su-button-style-3d" style="color:#000000;background-color:#F9A602;border-color:#c88502;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px" target="_self" rel="nofollow"><span style="color:#000000;padding:0px 24px;font-size:18px;line-height:36px;border-color:#fbc14e;border-radius:9px;-moz-border-radius:9px;-webkit-border-radius:9px;text-shadow:none;-moz-text-shadow:none;-webkit-text-shadow:none"> Visit WienerAI Presale</a> <img decoding="async" class="wp-image-561105 size-large aligncenter" src="https://insidebitcoins.com/wp-content/uploads/2024/08/weinerai_sponsored-3-1024x614.png" alt="" width="640" height="384" srcset="https://insidebitcoins.com/wp-content/uploads/2024/08/weinerai_sponsored-3-1024x614.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/08/weinerai_sponsored-3-300x180.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/08/weinerai_sponsored-3-768x460.png 768w, https://insidebitcoins.com/wp-content/uploads/2024/08/weinerai_sponsored-3.png 1201w" sizes="(max-width: 640px) 100vw, 640px"> 
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Xapo Bank Launches Interest-Bearing Bitcoin Accounts in the UK

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