- Integration aims to bridge the gap between financial and cryptocurrency markets
- Xapo Bank customers will be able to instantly pay for small purchases up to $100
Xapo Bank concluded partnered with Lightspark and integrated the Bitcoin-based Lightning Network. This partnership will bring great benefits to ordinary users.
The company’s press release says:
“Xapo Bank customers can instantly pay for small purchases up to $100 with anyone who accepts Lightning payments. The advantage is that the transaction fee is minimal and the operation takes a few seconds.”
First of all, this integration aims to bridge the gap between traditional financial markets and cryptocurrencies. Xapo Bank offers an annual interest rate of 4.1% on USD on accounts with a $100,000 deposit guarantee, and the platform recently announced that it will offer up to 1% on BTC.
“This is important today, given how regulators are pushing centralized exchanges and revenue-generating products. It is also an important step in the implementation of the plan to provide alternative banking opportunities in countries where the cryptocurrency market is just gaining momentum.”
Xapo Bank has been adhering to the principle of financial freedom since its inception. In 2017, the platform sold its institutional business to Coinbase to focus on retail. After that, the company received a banking license and membership in Visa and Mastercard, as well as in SWIFT. This means that the firm wants to work directly with banks and not through payment companies or third parties.
“Now we are a full-fledged bank with a dollar account, which is most attractive for emerging markets. If you think about European countries, people see cryptocurrencies as a form of gambling. In countries like Argentina, Venezuela, Lebanon, Nigeria where currencies depreciate and hyperinflation can occur, so BTC can change people’s lives.”
