Gibraltar-based crypto-friendly bank Xapo is expanding to India and South Asia for the provision of cryptocurrency services in the region.
Making a statement on the subject, Seamus Rocca, CEO of Xapo, said that this move is in line with the positive changes we are witnessing in Asia’s evolving crypto environment. Xapo will begin accepting members across South Asia, offering services such as a USD offshore savings account offering 4.1 percent interest and a Bitcoin wallet offering 1% on BTC deposits, according to an email announcement on Thursday, June 22.
Rocca Says This Move Is Aligned With The Company’s Mission
“This is a step in line with our mission to make it as simple as possible for our members to transact transparently and securely from anywhere in the world, as well as the positive changes we are witnessing in Asia’s evolving crypto environment,” said Seamus Rocca.
India has a somewhat mixed relationship with cryptocurrencies. Transactions in India are subject to a 30 percent capital gains tax and a 1 percent tax at source (TDS). However, the fact that it is the most populated country in the world and has more than 100 million crypto users makes it difficult for crypto firms to ignore.
In March, Xapo Bank partnered with fintech company Circle to integrate USD Coin (USDC) payment channels as an alternative to SWIFT.
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