Crypto custody platform Xapo Bank will partner with Circle to provide USDC deposit and withdrawal services.
BlockBeats reported on March 23 that the cryptocurrency custody platform and licensed private bank Xapo Bank will partner with stablecoin issuer Circle to offer USDC deposit and withdrawal services. Xapo will provide USDC to USD conversion at a 1:1 exchange rate and support USDC transfers. All USDC deposits at Xapo Bank will be automatically converted to USD, with an annual deposit interest rate of 4.1%. Additionally, Xapo stated that they do not offer loan services and all client funds will be held as reserves and invested in short-term liquid assets. The bank charges its members a management fee of $150.
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