Amid a banking crisis the Gibraltar-based Xapo Private Bank is rolling out USDC stablecoin services, allowing its users to send and receive the stablecoin straight into their Xapo bank accounts with no fees, helping increase the liquidity of stablecoins in the market.
This is a positive development for the crypto ecosystem at a time when the industry is in turmoil, as it is likely to increase the adoption of stablecoins, restore trust in crypto-friendly banks, enhance liquidity, and improve the user experience for end-users.
Xapo bank’s support for USDC comes as companies struggle to find alternatives after the failure of banks preferred by the crypto sector in the US over the past week.
Historically, traditional banks have been reluctant to work with crypto companies due to concerns about regulatory compliance, money laundering, and other risks. And as a result, many crypto companies have had to rely on smaller, less established banks that may not have the expertise or resources to provide robust banking services.
Although things started turning better with the crypto industry growing and maturing, having achieved a whopping $3 trillion market cap in 2021, we are now back to the square with two crypto-friendly banks shuttering down.
Having found themselves with limited options, many in the crypto space are now looking at crypto-friendly offshore banks such as Xapo.
Earlier this month, Xapo also announced its integration with the Bitcoin Lightning Network (LN), becoming the first fully-licensed bank to integrate LN. This integration enables bank users to use BTC for purchases of up to $100 from any merchant accepting the LN payments.
Xapo’s integration with LN and USDC indicates the bank’s bullish outlook for crypto and a much-needed banking alternative for the industry.
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