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Bitcoin Custody Xapo to Stop Services in US in March

Bitcoin Custody Xapo to Stop Services in US in March
  • Hong Kong-based Bitcoin custodian company Xapo plans to leave the US market.
  • Following this, Xapo will end its customer-based services particularly to US customers.
  • Meanwhile, the company has gained banking services in Gibraltar.

According to an email, Hong Kong-based Bitcoin custodian Xapo will end its peer-to-peer (P2P) fintech services in the US. Completely, Xapo will leave the US market due to its plan to adopt a different business strategy.

The company is now eyeing the expansion of its customer-based services, thereby creating a new digital banking platform. Through this, Xapo will allow users to freely manage their money easily.

Xapo wrote,

Due to a change in our global business strategy, Xapo, Inc. is leaving the US market and will be closing all US customer Xapo accounts. As a result, we’ll need you to transfer your funds to an external Bitcoin address.

Xapo Co-Founder Wences Casares remarkably expressed the firm’s vision behind its upcoming renovation as a core digital banking service. He said that the company aims to protect clients’ life savings, particularly within emerging markets.

Meanwhile, the company has gained approval for crypto banking services in Gibraltar. Following this, the company has been said to set up a separate organization to mainly comply with the US banking regulations.

Casares added,

Serving the US market would require quite a lot of effort, time and investment, it would require a separate organization within Xapo to support it and it would still yield a worse production than what we can offer internationally.

Meanwhile, the company has targeted to offer standardized banking services to clients who have almost over $30,000 in savings. Over $1 million individuals clients who do not keep their savings in their local currency or their country will also benefit.

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.