. Xapo Bank offers Bitcoin-backed loans of up to one million dollars 💲 In a new move that strengthens its position in the digital finance sector, Xapo Bank announced the launch of a Bitcoin-backed loan service, allowing customers to borrow up to one million dollars, provided they offer Bitcoin as collateral. This step comes amid a strong resurgence of crypto loans after a period of decline following the FTX collapse, reflecting a growing confidence in the decentralized finance sector. Details of the loans and areas not covered by the service.
The new service allows customers to achieve financial liquidity without having to sell their digital assets, but the United Kingdom and Australia are excluded from this offer. According to Gadi Chait, the investment director at Xapo, Bitcoin represents an ideal asset to collateralize these loans, due to its relative stability and continuous demand.
Xapo Bank, which is based in Gibraltar, has a long history of protecting Bitcoin assets, having started its operations in 2013. Through this move, the bank aims to expand its financial services to become a key provider of digital finance solutions. However, Xapo is taking a more cautious and sustainable approach compared to some competitors, as it seeks to offer safe and reliable loans after investors lost trust in some platforms following the FTX crisis. Through this offering, Xapo aims to set new standards in the crypto loan market ✨🧑💻#RamadanGiveawaymy