Xapo Bank offers members-only Bitcoin banking and USD services

Xapo Bank is a members-only Gibraltar-regulated bank that combines USD accounts, Bitcoin custody and global payment rails in a single mobile app. The platform charges a $1,000 annual membership fee and positions itself for clients who want integrated fiat banking, custody and card access.

The business traces its custody roots to 2013 and launched its banking arm under Gibraltar regulation in 2021. Xapo Bank Limited is listed as a Gibraltar credit institution under Permission No. 23171, and Xapo VASP Limited is licensed as a DLT provider under Permission No. 26061.

Approved members can hold USD and Bitcoin in the app, convert between the two, order a debit card and use major fiat rails where available, including SWIFT, SEPA, Faster Payments, FedACH and FedWire. KYC, AML checks and sanctions screening are required for account opening and ongoing access.

Custody architecture is presented as segregated, 1:1 Bitcoin holdings that are not rehypothecated. Key management uses multiparty computation and geographically distributed offline storage. The Vault feature imposes a mandatory 48-hour withdrawal delay and does not earn yield while funds are held there.

Eligible fiat deposits are covered by the Gibraltar Deposit Guarantee Scheme up to £120,000 per depositor per institution. Bitcoin deposits are not covered by that scheme.

Xapo publishes a legal fee schedule, last updated April 20, 2026, that lists membership charges, transfer fees, card and ATM rules, and wealth-product fees. The USD/BTC conversion is quoted with a spread included in the displayed price; the fee schedule lists the spread at 0.10% at the time of the update. The platform does not show public order books, maker/taker fee tiers, a public trading API or a broad derivatives offering in the materials reviewed.

The service offers a BTC Savings product with instant access and a reported APR in the 0.1–0.5% range funded from the bank’s own capital. A separate BTC Credit Fund, managed by Hilbert Capital under Cayman regulation, lends Bitcoin to vetted institutions, targets up to 4% APY and carries a minimum lock-in period and investment threshold.

Xapo reports use of financial statement audits and capital and liquidity disclosures, but full audit reports and a Merkle-style public proof-of-reserves were not provided in the reviewed materials. The notes reviewed state no historical security incidents in which customer funds were lost, presented as company-provided information.

Terms, product availability and fees vary by region and by product. Access can be restricted where local law or Xapo policy requires. The platform’s membership model and product set are described in the company materials as focused on Bitcoin and USD rather than on high-frequency trading, broad token listings or developer APIs.