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Press Release
Xapo Bank, a fully licensed bank that combines traditional banking with access to Bitcoin, stablecoins, and altcoins, today announced it is launching three more cryptocurrencies that members can buy, sell, and hold on the Xapo Bank app — Ethereum (ETH), Cardano (ADA), and Polygon (MATIC).
It is the first retail bank to offer these unique digital assets to members from the security of a regulated banking environment. Prioritising transparency, members will pay a 1% fee on ETH, ADA, and MATIC, with no hidden fees.
The Xapo Bank app simplifies wealth management by consolidating it in one place, eliminating the need to juggle multiple platforms and complex fee structures. Members across the globe can effortlessly manage access to US Dollars, GBP, Euros, USDC, Tether, U.S. stocks, and now a number of new cryptocurrencies, all under one banking roof.
Seamus Rocca, CEO of Xapo Bank said: "Although Xapo is best known for providing Bitcoin custody services, we can’t ignore member demand, and therefore we are giving access to other prominent cryptocurrencies. Xapo’s offering is truly unique. Unlike traditional banks, we are very comfortable dealing in the crypto space given our 10 year history. Unlike exchanges, you don't have to worry about security or whether your bank will block funds proceeding from your crypto transactions. We offer you highly secure crypto custody, with the guarantees and transactability of a regulated bank."
As a licensed bank and Virtual Asset Service Provider, Xapo Bank operates in a strictly controlled environment that is monitored by regulators. It has evaluated each cryptocurrency on offer, considering factors like crypto capitalisation, age, hashing algorithm, historical performance, and more to ensure that offerings are secure and reliable, and that members stay protected while they expand their digital asset portfolio. A fully licensed and regulated bank, Xapo Bank is a member of the Gibraltar Deposit Guarantee Scheme (GDGS), meaning that Xapo Bank guarantees its members’ USD deposits up to the US dollar equivalent of *$100,000 USD. To ensure member protection, Xapo Bank does not engage in staking of any crypto deposits.
It also extends its institutional-grade multi-party computation (MPC) security measures across each of its cryptocurrency offerings. Rather than contending with the risks of storing crypto in exchanges that centralise funds, or using hardware wallets that limit accessibility and could be lost, stolen, or damaged, MPC delivers top-tier security. It does so through sharding the keys of cryptocurrencies into distinct key shares, which are then securely stored in undisclosed locations across the globe. This presents an insurmountable challenge to nefarious actors who would require access to each distinct key share simultaneously to compromise the assets.
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