According to PANews, Xapo Bank said that after obtaining a license from the British government, it has become the first British bank allowed to open interest-bearing Bitcoin and fiat currency accounts.
The platform claims to offer 1% interest on Bitcoin without the need to pledge, borrow or lock up assets, but does not disclose details on where the interest income comes from.
Users can use Bitcoin through Xapo's debit card, send GBP payments to UK bank accounts, invest in S&P 500 stocks, buy select cryptocurrencies, and access stablecoin payment rails using US dollar bank accounts.
