Xapo, a crypto-friendly bank, forays into India & South Asia, aims to bridge the gap in financial systems
A crypto-friendly Xapo Bank is expanding across Indian and South Asian markets, thereby tapping the immense opportunity they present.
Highlights
- Xapo has announced its plans of expanding across Indian & South Asian markets
- It provides crypto-to-fiat conversions, facilitates British pound or euro transfers as well as immediate stablecoin-to-fiat exchange
Gibraltor-based Xapo, which is a crypto-friendly private bank, has announced its plans of expanding across Indian and South Asian markets. As per the announcement, the bank has started accepting members across South Asia and is offering various services like USD offshore savings account with 4.1 percent interest and a Bitcoin wallet, with one percent on BTC deposits.
Moreover, Xapo also provides crypto-to-fiat conversions, facilitates British pound or euro transfers as well as immediate stablecoin-to-fiat exchanges.
It must be noted that Xapo Bank is backed by notable investors like SoftBank, Ribbit Capital, and DST Global. It has been one of the active crypto banks in the industry this year, aiming to expand its services and add new integrations amid the worst global banking crisis since 2008.
India’s love-hate relationship with crypto
The Indian government has stringent crypto taxation laws. It has imposed a 30 percent tax on crypto profits in the 2022 budget. Further, a one percent TDS on sales was also introduced. But, India, being the second most populous country in the world with more than 100 million crypto users, makes it difficult for crypto firms to ignore such a big market.
In fact, the country presents an immense opportunity for these firms engaged in crypto trading activities.
Why venturing into South Asian markets?
Aiming to curb economic inequality in the region, Seamus Rocca, the CEO of Xapo Bank, is focused on filling the void left by the absence of conventional banking services in certain parts of South Asia.
She says, “Xapo Bank’s decision to accept members across South Asia, including India, represents an opportunity to provide our hybrid banking and investment solutions to its large underserved populations, bridging an important gap in the region’s financial systems.” She further added, “This is in line with the positive shifts we are witnessing in Asia’s evolving crypto landscape, as well as our mission to make transacting transparently and securely from anywhere in the world as simple as it can be for our members.”
