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One global bank has removed those barriers in an effort to democratise access to the peace of mind that comes with holding money offshore , all through one ultra-secure , simple and user-centric app .
Gibraltar-based Xapo Private Bank is the only fully licensed global private bank that combines traditional banking in US $ with a Bitcoin wallet , and that is regulated on both ends . The bank , which is regulated in Gibraltar to EU and UK standards , accepts applicants from all over the world and enables customers to onboard digitally from anywhere in under 10 minutes .
As Xapo Private Bank CEO Seamus Rocca explains : ‘ International private banking was traditionally just for the ultra-wealthy , who would fly to Switzerland to open up an account to safely store their wealth . We wanted to change and democratise this kind of access , but also do it in a way that is very secure and future-forward , using the best technology and digital accessibility . The process being fully digital , you don ’ t have to get on a plane or have a European passport to open a Xapo Bank account or to get access to a private banker . Anyone can apply , and you can do it from the comfort of your living room couch .’
Xapo Private Bank was specifically designed with mid-affluent people from emerging markets in mind – people like doctors , lawyers , engineers and entrepreneurs , who don ’ t necessarily peg as ultra-high net worth individuals , but who still have wealth they want to protect and who have a global outlook , says Rocca . The bank is designed to offer members long-term investment growth and stability – it offers a deposit guarantee of up to US $ 100,000 . Members earn interest of 4.1 % on US $, 1 % on Bitcoin , and enjoy 1 % cashback when they swipe their Xapo Private Bank cards anywhere in the world .
‘ Life is uncertain , especially if you are from an emerging economy . Our founders have lived this experience and that ’ s why it ’ s Xapo Private Bank ’ s mission to solve the very real problem of financial security and stability for its members around the world , who want to find ways to protect their hardearned savings from country and geopolitical risk , and other circumstances beyond their control . Many people have turned to cryptocurrencies to overcome these risks , but the reality is that the crypto exchanges are not trustworthy or safe . With all the unscrupulous exchanges falling over , people need to be able to unload their crypto into a real bank where it can be instantly and safely converted into hard currency . Your money can only be safe in a regulated bank with strong liquidity – which is what Xapo is ,’ says Rocca .
‘ With safety as a first priority , Xapo Bank made the decision to offer US $ bank accounts , because it is the most stable and fungible global currency . The US $ is the meta currency of the world , backed by the powerhouse US economy , and will remain so for the foreseeable future . The US $ remains the safest option in terms of long-term value protection . It is a key lever for long-term wealth and there is never a bad time to invest in US $,’ adds Rocca . He says diversifying your investment portfolio should be a priority and that banking in US $ and Bitcoin helps you stay risk averse .
Members can also store Bitcoin in their Xapo account or use it to convert Bitcoin into US $. ‘ We believe in the long-term value of Bitcoin , because it ’ s sovereign and can ’ t be tampered with , it ’ s fully traceable , and it ’ s finite and therefore will remain in demand ,’ Rocca explains . Bitcoin , now surging at + 39 % month on month ( at the time of writing ), is seemingly going ‘ mainstream ’ with the recent announcement that Pick n Pay is now accepting Bitcoin payments in over 1,500 retail stores , indicating that the consumer demand for holding and spending Bitcoin is on the increase , in line with international trends .
‘ The way the world is heading , we believe that it will become more and more important to be able to hold and interchange both US $ and Bitcoin , and if you can do that within one account with the assistance of a private banker in a stable and highly regulated banking jurisdiction , it can really help you to secure your wealth for the long term , no matter what happens in the world ,’ says Rocca , noting that tax considerations should be discussed with your tax advisor .
Xapo . com
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