Xapo Bank to Offer Ethereum, Cardano, and Polygon
Xapo Bank will become the first licensed retail bank to offer customers the ability to buy, sell, and hold Ethereum (ETH), Cardano (ADA), and Polygon (MATIC) cryptocurrencies. The bank received its full banking license in Gibraltar in 2018 and previously only allowed customers to hold Bitcoin, stablecoins like USDC and Tether, and fiat currencies like U.S. dollars and British pounds.
According to Xapo CEO Seamus Rocca, by expanding into other major cryptocurrencies like ETH, ADA, and MATIC, the bank is aiming to provide its users a “one-stop shop” for digital asset investing. The move comes as cryptocurrencies have seen a dramatic appreciation this year, with Bitcoin rising from $16,550 at the beginning of the year to its current price of $37,500. Ethereum and other major altcoins have seen similar price increases.
Xapo Bank’s Security Measures and Long-Term Bet on Digital Assets
Xapo Bank stores customers’ funds in segregated accounts and guarantees crypto deposits up to $100,000 through Gibraltar’s deposit insurance program. The bank’s multi-party computation (MPC) system provides institutional-grade security by sharding encryption keys into fragments across multiple locations. In addition to the new cryptocurrencies, the bank also allows customers to invest in U.S. stocks and hold stablecoins.
Hot Take: Xapo Bank Diversifies Cryptocurrency Offerings
Xapo Bank’s decision to offer Ethereum, Cardano, and Polygon alongside Bitcoin reflects a growing demand for diverse digital assets among retail investors. The move not only expands investment options for Xapo customers but also signals the bank’s confidence in the long-term viability of cryptocurrencies beyond Bitcoin.
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