Xapo, the bitcoin storage company enabling individuals, businesses and financial institutions to safeguard, organize and manage their bitcoin has announced that its Gibraltar office has been granted an e-money license by the Gibraltar Financial Services Commission (GFSC) effective July 10th, 2017.
As a Gibraltar-based regulated e-money institution, Xapo is now licensed to issue electronic money in multiple fiat currencies. Currently, the company only deals in USD and EUR.
Although “Brexit” has complicated some things, Gibraltar’s membership of the EU is strategic for Xapo as it not only provides competitive tax treatment and a top-rated offshore financial infrastructure but most importantly, the ability to passport its services throughout the European single market.
Xapo offers two distinguished products, a free, easy-access bitcoin wallet with Visa prepaid card support, and the fully-insured Vault, which is Xapo’s core product. The Vault has become the preferred storage solution for many of the largest institutions and individuals in the world and it holds one of the largest stores of bitcoins in existence.
Diego Valenzuela, Xapo General Counsel stated:
“We are thankful for the professionalism of the GFSC and the warm welcome that Xapo has received in Gibraltar. We look forward to being part of Gibraltar’s continuing growth as an international financial center and its growing reputation as a Fintech hub.”
“Xapo would also like to thank Joey Garcia and the team at ISOLAS for their significant contribution and commitment to making Gibraltar the best home for innovation.”
“We continue to work towards the Xapo vision of free, instant and global value transfer. By combining our easy-to-use multi currency mobile app with the highest standards of safety for our users’ funds Xapo hopes to give access to financial services to many people and countries now excluded from global markets.”
“Xapo is designed as a regulated intermediary to offer our users the highest level of consumer protection. As a custodian of fiat currency, being a licensed institution is the best way to guarantee to our users that their money is safe.”
Here is a breakdown of any and all fees that Xapo currently has in place:
|Xapo to Xapo:||FREE|
|Xapo to other:||Miner fee (option to pay either standard or high priority)|
|Other to Xapo BTC wallet:||Free (unless receiving small transactions, in which you are charged a fee)|
|Other to Xapo fiat currency wallet:||BTC/FX exchange rate (USD, EUR)|