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Author: Admin | 2025-04-28
From Wikipedia, the free encyclopedia Xapo Bank LimitedHeadquartersGibraltarArea servedWorldwide, excluding U.S.Created byWences CasaresChairmanWences CasaresCEOSeamus RoccaIndustryFinancial servicesProducts debit cards, Bitcoin account USD accountServicesAsset protection, investment, interest payoutURLxapobank.comLaunchedMarch 2014Xapo Bank is a private bank headquartered in Gibraltar, which operates globally and is licensed as a virtual asset currency provider by the Gibraltar Financial Services Commission.[1][2][3] As of 2023, the company offers stock market trading to its clients in Europe.[4][2][5][6]Xapo Bank's founding CEO and entrepreneur Wences Casares became interested in bitcoins because of the frequent financial fluctuations in his native Argentina.[7][8] He has said that his family's finances were “devastated as the economy (in Argentina) rocketed from inflation to deflation to devaluation.”[8] Casares believes that digital currencies such as bitcoin “could solve the disjointed nature of our world economy.”[9]In 2011, Casares bought his first bitcoins but couldn't find a way to store them, so he built a ‘vault’ for his own use.[5] Friends, and later financial institutions, soon asked Casares if they could store their bitcoins in his vault.[5] This became the foundation for Xapo, which was founded in late 2013 by Casares and COO Federico Murrone.[5] Xapo opened its products to the public in March 2014.[5] Prior to Xapo Bank, Casares founded and later sold online brokerage firm Patagon to Banco Santander for $750 million.[10] He also launched the first Internet provider in his home country of Argentina in 1994.[11]Casares said Xapo Bank was founded with the aim of making the bitcoin currency more secure and accessible.[8] The company originally established to offer a bitcoin wallet service that combined cold storage vaults with a bitcoin-based debit card. The Xapo Wallet operates through a mobile app and online and includes the ability to transfer funds to and from the Xapo Vault.[8] In April 2014, Xapo introduced a debit card that links to the user's Xapo Wallet and functions like a standard debit card, except that it is backed by bitcoins instead of traditional currency.[6]In May 2015 Xapo Bank moved its headquarters from Palo Alto, California to Zug, located in the Zurich metropolitan area of Switzerland. That year LifeLock, which acquired Lemon, a company led by eventual Xapo founder Casares, alleged in a suit that Casares developed the source code for Xapo using Lemon's resources.[12][13] In July 2017, Xapo was granted a European e-money license in Gibraltar allowing it to provide electronic fiat money custodial and transfer services.In July 2018 Xapo Bank was awarded
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