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Xapo Bank, a Bitcoin-focused institution, has announced its expansion into the United Kingdom, according to an Aug. 5 statement shared with CryptoSlate. The firm stated that the move makes it the first licensed bank in the UK to offer a combined interest-bearing account for fiat and Bitcoin. The expansion follows the successful transfer of Xapo’s […]
The post Xapo Bank to offer 1% yield on Bitcoin in UK appeared first on CryptoSlate.
Xapo Bank enters the UK market and becomes the first in the country to launch interest-bearing Bitcoin and fiat banking accounts.
Hilbert Group and Xapo Bank have announced a strategic partnership to launch a Bitcoin-denominated hedge fund exceeding $200 million, set to launch in September 2024.
Xapo Bank, the only fully licensed bank that makes it simple for members to bank with Bitcoin, will be the title sponsor of the Bitcoin conference 2024
The post BTC Inc. Announces Xapo Bank as Title Sponsor of The Bitcoin Conference appeared first on Crypto Breaking News.
Strike, a Bitcoin payments platform, has rolled out a crypto lending service on its platform. This service enables both individuals and corporate users to borrow funds with Bitcoin as a collateral asset. Strike seeks to enable Bitcoin holders to obtain liquidity without the need to sell their digital assets. Strike Lending is only available for […]
Bitcoin-Backed Loans on the Rise, Says Xapo Bank CEO The CEO of Xapo Bank, a leading financial institution in the cryptocurrency space, has recently noted a significant increase in the demand for Bitcoin-backed loans. This trend suggests a growing interest in utilizing cryptocurrencies as collateral for borrowing funds. Bitcoin-backed loans provide an innovative solution for [...]
#XapoBank offers #Bitcoin-backed loans up to $1M with flexible repayment terms, targeting long-term holders seeking liquidity without selling #BTC.
<p>Amid all the controversies, hype and contentious debates around Bitcoin, it’s sometimes forgotten what its key purpose was originally intended to be. Neither a vehicle for speculation nor a place to park your wealth if gold just won’t cut it, Bitcoin was intended to enable peer-to-peer decentralized transactions. Or in other words, it’s supposed to be used as money, while cutting out the middlemen.</p><p> In the world imagined by Bitcoin maximalists (who eschew other cryptocurrencies, adamant that Bitcoin will consume all competition, both cryptographic and traditional), all your transactions can be finalized on-chain, from picking up a coffee to buying a house. And in fact, this isn’t quite as far-fetched as it might sound, as in El Salvador, BTC has been legal tender since 2021, and can be used for daily transactions.</p><p> However, an obvious obstacle to this kind of adoption (even if it is only partial, and runs parallel to existing, more familiar payment methods), is the problem of scaling. Put simply, the Bitcoin network isn’t configured to handle this volume of throughput, takes time to process transactions, and would struggle to deal with billions of micro-transactions, for coffee or anything else, on a constant basis. And, this is where the Lightning Network steps in.</p><p>What Is Lightning Network?</p><p>The Lightning Network, which first went into operation in 2018, is a second layer operating on top of the <a href="https://www.financemagnates.com/tag/bitcoin/" target="_blank" rel="follow">Bitcoin</a> network. It takes transactions off the main blockchain, allowing channels to be opened between users, through which transactions can take place at speed and cheaply. When users are finished with their interactions and a channel is closed, all the transactions that have been made are then settled back on the main Bitcoin <a href="https://www.financemagnates.com/tag/blockchain/" target="_blank" rel="follow">blockchain</a>.</p><p> The result of this is simple but critical: instant payments, and Bitcoin as a usable method of everyday transactions, just as it was intended to become.</p><p>Xapo and Lightspark</p><p>This month, <a href="https://www.financemagnates.com/tag/xapo/" target="_blank" rel="follow">Xapo Bank</a>, working in partnership with Lightning Network infrastructure builder Lightspark, integrated Lightning Network into its services, bringing two advantages. Firstly, customers can now pay for purchases up to a value of $100 directly in BTC, at merchants that themselves utilize Lightning Network.</p><p> Secondly, this development represents a meaningful step in altering the perception of Bitcoin, from a digital product that is exotic and on the fringes, to an asset with utility that links up with daily life. Xapo Bank, based in Gibraltar, may be focused on <a href="https://www.financemagnates.com/tag/crypto/" target="_blank" rel="follow">crypto</a>, but it has obtained a banking license, principal membership of <a href="https://www.financemagnates.com/tag/visa/" target="_blank" rel="follow">Visa</a> and <a href="https://www.financemagnates.com/tag/mastercard/" target="_blank" rel="follow">Mastercard</a>, and <a href="https://www.financemagnates.com/tag/swift/" target="_blank" rel="follow">SWIFT</a> membership.</p><p> Buying a coffee and similar minor transactions might sound prosaic, but if Bitcoin is to fulfil its potential, then it will have to prove capable of carrying out all the mundane functions currently covered by traditional currencies.</p><p> Also, when it comes to the integration of crypto and traditional finance, Xapo Bank offers USD accounts that are integrated with support for the USDC stablecoin, allowing users to convert easily between crypto and fiat, and providing a seamless and self-contained crypto on/off ramp.</p><p>C= Liquidity</p><p>One of the most prominent backers of Lightning Network and its potential has been Jack Dorsey, the Co-Founder and former CEO of Twitter. Dorsey is now focused on fintech platform Block, which he founded in 2021 (when it was known as Square), and which recently launched a service provider called c=. In case you were wondering, c= refers to the speed of light part of E = mc2, and is pronounced C equals.</p><p> C= is being developed through a Block subsidiary called TBD, which aims to improve routing on the Lightning Network and address the problem of a lack of network liquidity, which can lead to failed transactions. These are critical issues to address but can be regarded as welcome problems since they reflect the kind of strain that is caused by network adoption.</p><p> In fact, a <a href="https://twitter.com/ValkyrieFunds/status/1621590841130188802?s=20" target="_blank" rel="nofollow">chart</a> circulated last month by financial services firm Valkyrie Investments indicates impressive monthly growth in Lightning Network capacity, clearly marking key developments along the way, with several related to payments application Strike, which connects Bitcoin and traditional banking, expanding its services.</p><p>Relai Investment</p><p>Further, Lightning-related news comes from the Swiss Bitcoin-only app Relai, which specializes in allowing users to easily buy and sell BTC, and hold their own assets in a non-custodial wallet. This week, the company announced that it had raised $4.5 million in a funding round led by Ego Death Capital, a Bitcoin venture fund co-founded by influential Bitcoin advocate Jeff Booth.</p><p>As well as upgrading to utilize the Lightning Network, Relai’s plans incorporate zero-fee trading services and the launch of a white-label product that will enable other fintech platforms to offer trading between fiat and bitcoin.</p><p> Relai is geared towards offering user-friendly, mobile services that encourage retail onboarding into Bitcoin without a requirement for extensive technical knowledge. This fits neatly with a core aim of the Lightning Network, to enable daily Bitcoin use, at scale. And, the aims of the Lightning Network, ultimately, loop back to the key purpose at the foundation of the entire Bitcoin enterprise: an improved iteration of money, in a digital format.</p> This article was written by Sam White at www.financemagnates.com.
After the recent update of both lolMiner and BzMiner that brought AMD GPU support for NEXA, there is a new update for both (jointly working on developing Nexapow) that bring fixes and additional performance and efficiency improvements. You can expect to see an improvement in the NEXA mining performance by 6-8% on all supported Nvidia […]
While the latest updates of lolMiner and BzMiner are not the first to bring support for the Nexapow algorithm used by the NEXA project, they currently offer the fastest performance on AMD GPUs. Previously you could mine NEXA on AMD GPUS only suing the WildRig Multi miner, now you can get significant performance boost with […]
Xapo Bank members will now be able to instantly pay for small purchases of up to $100 at any vendor accepting Lightning payments.
The latest update of the Rigel miner version 1.3.5 once more brings it to the top spot in terms of mining performance for NEXA mining after it has briefly lost its leading position to the recent release of lolMiner 1.67 that also brought significant hashrate improvements for the nexapow mining algorithm. Besides the performance/efficiency improvements […]
There is a new lolMiner 1.67 release that is apparently focused on improving support and performance for the nexapow algorithm used by the NEXA project. The performance improvements can vary depending on the kind of Nvidia GPUs you have available and can go as high as up to about 35% as per the developer, though […]
The just updated lolMiner 1.66 has also introduced support for the nexapow algorithm used by the NEXA project, something we kind of expected after the recent release of BzMiner v13.0.1 that included a mention of that NEXA support has been jointly developed with the developer of lolMiner. And now the release of lolMiner 1.66 brings […]
The Rigel Nvidia GPU is a newcomer on the mining software front and apparently is less than two months old since its initial release, supports just a few crypto algorithms, but looks nice with it the terminal user interface it provides. We haven’t used it up until now, but it has attracted our attention with […]
Now that WildRig Multi is not the only GPU mining software to support NEXA mining with the recent addition of nexapow mining in the latest BzMiner (Nvidia only for now), we got a new WildRig Multi 0.36.4 beta release with improved nexapow hashrate of up to 8% for NVIDIA GPUs, slightly improved nexapow for AMD […]
The latest update to version v13.0.1 of the BzMiner GPU miner brings support for mining NEXA, a project we talked about back in December last year. BzMiner is the second miner to bring support for this new project with the other one being WildRig Multi, however it seems that BzMiner’s implementation is a bit faster […]
Lately we are seeing lots of new mineable Layer 1 crypto projects that are interesting and promising, as well as some that are not as usual, but after Ethereum’s switch to PoS crypto miners with GPUs are eagerly looking for interesting new and profitable projects to point their hashrate at. NEXA is yet another one […]
With a dip of almost 16% in the past 7 days, BTC has struggled to gain any sort of momentum in the recent week. However, the price drop failed to impact Bitcoin whales as they continued to execute ...
Microsofts upcoming vote on whether or not to build a Bitcoin position is just another sign of corporations and institutional investors growing interest in BTC.
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