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.
"From today we have also added support for GBP through the Faster Payments network meaning members will be able to make payments directly to U.K. wallets or banks," said Seamus Rocca, CEO of the retail-focused bank in a statement to CoinDesk on Monday. Xapo 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.
Xapo, a licensed private bank and cryptocurrency custodian, has already integrated bitcoin‘s Lightning Network. The Faster Payments system is run by Pay.UK, which is the "recognized operator and standards body for the UK’s retail interbank payment systems," according to its website.
