The custodian service Xapo is in the final stage of obtaining a banking licence in Gibraltar. This was reported by Decrypt.
The Finance Minister of Gibraltar, Albert Isola, emphasised that the custodian has already obtained a DLT licence. It allows Xapo to operate with electronic money in the region.
“Xapo has established itself in Gibraltar as a fully fledged bank,” the official added.
In May 2020, the custodian service stated that it had begun “expanding beyond bitcoin to become a digital bank.” In December, the head of Xapo announced that from 1 March the company will cease serving US customers.
The custodian plans to change its global business strategy and focus on emerging markets and clients with capital from $30,000 to $1 million who do not have access to international private banking services.
Founded in 2013, the startup Xapo was among the first to offer simple and user-friendly bitcoin wallets. It is widely believed that its founder, Wences Casares, popularised the leading cryptocurrency among Silicon Valley’s top executives.
In 2019, Coinbase’s custody arm acquired Xapo. The deal was valued at $55 million.
In June 2020, a trader accused Xapo and Indodax of facilitating the theft of 500 bitcoins.
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