ChainCatcher news, according to Cointelegraph, Gibraltar-based crypto-friendly bank Xapo Bank has announced the launch of a Bitcoin-backed USD loan service, with loan amounts up to $1 million.It is reported that a key difference of the Xapo Bitcoin loan product is that the bank does not require users to re-pledge the collateral for the loan, meaning its lending mechanism does not involve customers reusing BTC assets. Eligible Xapo customers can choose repayment terms of 30, 90, 180, or 365 days, and there are no penalties for early repayment.

ChainCatcher news, Xapo Bank has issued its banking license in the UK and entered the UK market. Xapo claims to be the first bank in the UK to offer interest-bearing Bitcoin and fiat currency accounts.According to the statement, its platform claims to provide a 1% Bitcoin interest yield without the need for staking, lending, or locking assets. The company did not disclose details about the source of the interest yield.Its users can use Bitcoin through Xapo's debit card, send GBP payments directly to UK bank accounts, invest in S&P 500 stocks, purchase selected cryptocurrencies, and access stablecoin payment channels using USD bank accounts.

ChainCatcher news, according to The Block, Gibraltar-regulated Xapo Bank has allowed customers to make Bitcoin deposits via the Lightning Network.

ChainCatcher news, according to CoinDesk, Gibraltar-based crypto-friendly private bank Xapo Bank will expand into India and other regions of South Asia. Xapo will begin accepting members across South Asia, offering services including 4.1% interest on its USD offshore savings accounts and a Bitcoin wallet with 1% interest on BTC deposits. (source link)

ChainCatcher news, the cryptocurrency-friendly institution Xapo Bank based in Gibraltar will allow customers to deposit and withdraw Tether (USDT) before the end of this month. Earlier this year, Xapo Bank increased support for USDC. (source link)

ChainCatcher news, Bitcoin custodian bank Xapo Bank has partnered with stablecoin issuer Circle to provide USDC deposit and withdrawal services. Xapo Bank stated that it will offer a 1:1 exchange rate for converting USDC to USD and supports USDC transfers. All USDC deposits at Xapo Bank are automatically converted to USD, with an annual interest rate of 4.1%.It is reported that Xapo Bank is a member of the Gibraltar Deposit Guarantee Scheme (GDGS). Xapo claims that its business model is different from traditional banks; it does not engage in lending activities and does not rely on fractional reserve banking to generate profits. Instead, it retains all customer funds as reserves and invests them in "short-term, highly liquid assets" to distribute the earned interest to customers. (source link)