In order to provide alternative financial services in nations with emerging markets, crypto pioneer Xapo has quietly established USD bank accounts with deposit guarantees and interest rates.

Xapo Bank’s partnership with Lightspark, run by former Facebook crypto lead David Marcus, and integration of the (BTC) Bitcoin-based Lightning Network are two more achievements for the Gibraltar-licensed private bank and cryptocurrency custodian.

According to a press release, users of Xapo Bank can now instantly pay for small purchases of up to $100 at any vendor that accepts Lightning payments without paying high transaction fees or waiting for long blockchain confirmation times.

Xapo had hoped that the integration would close the gap between cryptocurrency and conventional finance. The Xapo Bank platform provides accounts with a $100,000 deposit guarantee with an annual interest rate of 4.1% and will soon provide accounts with up to 1% interest on Bitcoin.

SWIFT membership

Xapo has been granted a banking license, principal membership in Visa and Mastercard, and SWIFT membership since beginning the process in 2019. As a result, the company has access to money market accounts and can interact directly with correspondent banks rather than through third parties or payment companies.

Rocca stated, “We thought that being a fully fledged bank with a USD bank account would be most appealing to emerging markets.” People in most countries, including Europe and the United States, view cryptocurrency almost as a form of gambling. Bitcoin, on the other hand, has the potential to alter people’s lives in places like Argentina, Venezuela, Lebanon, and Nigeria, where currencies can devalue and hyperinflation can occur.

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