We are excited to be the first (and currently only) bank in the world that supports the use of crypto to deposit directly into a fiat account.
Xapo members can deposit USDC into their account, which is converted to USD on a 1:1 basis the moment it is received. This gives them immediate access to the dollars in their Xapo account. This fast, convenient and secure service is delivered free of any charges.
This is the latest in a string of industry firsts from Xapo, driven by our belief that digital money can change the world. With our transformation in 2021, we are the first to offer both a US Dollar bank account and a Bitcoin account side by side in the same app, effectively bridging the gap between traditional banking and cryptocurrency.
Before that, Xapo was the first institutional Bitcoin Custodian in the world - at one point, we safely held over 800,000 Bitcoin for family offices, funds and high net worth individuals. We eventually sold our institutional business to Coinbase, however, our expertise and infrastructure remain in place to protect our members' wealth.
We are excited at what the future holds and will continue to innovate, so that our members can build wealth and seamlessly transact with both crypto and fiat.
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