Xapo, a Gibraltar-based private bank, plans to expand its crypto-friendly services across India and South Asia, offering crypto users services like USD offshore savings accounts and bitcoin wallets. Despite regulatory challenges, this move indicates growing global interest in cryptocurrencies and the potential for shaping the future of finance.
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Xapo Bank’s Tether Expansion: A Bold Move or Risky Business for Crypto Banking?
Xapo Bank plans to allow customers to deposit and withdraw USDT (tether) without fees by the end of the month, following a similar service for USD Coin (USDC). Despite concerns over stablecoin volatility, proponents highlight strong demand and Xapo’s commitment to emerging markets.
Elon Musk’s DOGE Lawsuit, Silvergate Bank Liquidation, and CBN’s Crypto Ban: A Tumultuous Week in Crypto
Elon Musk faces a proposed class action lawsuit by investors alleging manipulation of Dogecoin (DOGE) cryptocurrency, causing billions in losses. Meanwhile, private bank Xapo integrates with the SEPA network, and the US CFTC invites comments on risk management program changes.
Tether Integration in Private Banks: New Era, Partnerships, and Global Adoption Challenges
The integration of Tether payment rails by Xapo Private Bank marks a new era, providing an alternative to SWIFT rails and showcasing stablecoins’ prominence in the financial sector. Blockchain adoption is recommended for India’s banks, while Binance explores partnerships with traditional financial institutions, and Layer 1 blockchain XDC Network partners with SBI VC Trade Co. Ltd.
Crypto Crime Roundup: Extradition, Insider Trading, and Kidnapping Cases Unfold
Recent legal news includes the extradition of UK national Joseph O’Connor for the 2020 Twitter hack, Coinbase’s former product manager being sentenced for insider trading, and a Vietnamese kidnapping case involving stolen crypto. In developments, Binance launches Capital Connect, Xapo Bank integrates Tether payment rails, and Unstoppable Domains joins the OMA3 Board of Directors.