What is Xapo? Meet This Bitcoin Bank – Review

What is Xapo? Meet This Bitcoin Bank
Table of Contents

The use and adoption of cryptocurrencies is something that is increasing day by day and will continue to do so in the coming years, which is why knowing what they are and how the different types of projects work is essential for proper control of our assets. In this review we are going to talk about Xapo, a bitcoin wallet that became one of the most popular cryptocurrency banks in the world.



Created by Argentinian Wences Casares, launched in 2014 and based in Hong Kong, XAPO started out as a free bitcoin wallet, whose initial mission was to address two of the biggest issues behind bitcoin’s success and adoption: accessibility and security.

This wallet has stored the funds of more than 1.5 million customers worldwide, and the company managed to develop new partnerships, products and services to enhance and expand Xapo worldwide.


The platform has raised over $40 million from investors such as Fortress Investment Group, Pantera Capital, Index Ventures, AME Cloud Venture and others.


In 2021, XAPO decided to close all its wallet-related services and became a bank focused 100% on providing cryptocurrency-related services.

After a few years, Xapo became a private bank that has gained recognition for offering USD and Bitcoin accounts in over 100 countries, in addition to providing Xapo debit cards.

Its integration with the Lightning Network enables instant Bitcoin payments without high fees or long confirmation waits on the blockchain. A distinctive feature is its ability to allow non-residents to open USD and cryptocurrency accounts, eliminating geographical barriers despite being fully regulated in Gibraltar.

However, we must remark that Xapo does not accept customers openly, as to become a user, you must first apply for a membership. This is thoroughly reviewed by the platform’s team, which then decides whether or not to approve the application.

XAPO’s goal is to become a bank that combines the best of traditional finance with digital currencies, which it believes will be the future. To that end, it has created a fast, intuitive and easy-to-use platform for users of all types and levels of experience.

XAPO is based in Gibraltar and is fully regulated by the financial authorities in the region.


xapo bank

Creating an account in XAPO Bank is not as simple as doing it in any cryptocurrency exchange or platform that anyone can join. This crypto Bank has some requirements that must be met by the applicant before the Bank will approve your membership.

First of all, XAPO requires users to present a valid passport. ID cards are not accepted, so if you want to open an account, you must have this document.

On the other hand, XAPO charges an annual fee of $150, so it is not a free-to-use platform. According to the bank, users can pay this fee after the initial 3 months.

XAPO only accepts people over 18 years of age, verifying age with the documents presented, and does not accept US citizens.

If you meet all these requirements, XAPO will ask you for some extra personal information and then you can submit the application. It should be noted that the platform may or may not accept you, depending on various evaluation criteria. Therefore admission is not guaranteed.


xapo cards

US Dollar Account

Xapo offers for its clients to make deposits in US dollars. This is a highly valued service in countries that do not have free access to foreign currencies in traditional banks.

This allows users to send and receive payments in USD easily and securely. In addition, all fiat currency deposits receive 4.1% interest.

Bitcoin Account

Through XAPO it is possible to have a Bitcoin account, which combines the advantages of traditional banking with the security of the world’s leading cryptocurrency. Users can easily buy and sell BTC for fiat currencies.

XAPO is the first bank to integrate the Lightning Network, which enables super-fast Bitcoin payments with a fee of only $0.01 per transaction.

In addition, XAPO pays a 1% fee for all Bitcoin deposits.

Global Debit Card

XAPO has its own debit card that can be used for payments at merchants and businesses across the globe, as well as making cash withdrawals from any ATM with no fees.

As an additional benefit, the card offers a cashback of 1.1% of all transactions made.


xapo debit card

XAPO has several security standards that make it extremely reliable. Let’s take a look at a few:

First, as we have already mentioned, the crypto bank is regulated by the Gibraltar Financial Services Commission, which means that it must meet certain legal standards that are under constant scrutiny by the authorities.

XAPO claims that all fiat currency deposits are insured for up to €100,000 by the Gibraltar Deposit Guarantee Scheme.

In addition, the bank claims to have state-of-the-art IT security systems, in which it regularly invests in upgrades. The same applies to its physical premises, which are equipped with top-level security measures.


After analyzing the platform, we see that Xapo’s best weapon is its great security, which is an essential point when choosing to use its products. After its drastic decision to become a crypto bank, the company does not stop working to grow and improve, in order to offer its customers the best services.

The commissions when using any of the services offered by the platform are relatively low although it has an annual cost of $150, so it is not recommended for small savers.

The overall rating of the platform is very good, since it has several services that combine the best of traditional banks with cryptocurrencies and the financial freedom they offer.


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