Cryptocurrency wallet and custodian service Xapo is about to obtain a banking license from Gibraltar. The bank is the first of its kind in Europe to have a physical branch in the heart of Gibraltar city center.
According to Gibraltar Finance Minister Albert ISOLA, Xapo is in the final stages of obtaining a fully accredited institution license, which will give it all the powers of a regular bank.
The news comes after a flurry of US cryptocurrency companies announced banking statutes. Last week, custodian Anchorage was awarded the first bank charter issued to a crypto platform in the US. Late last year, cryptocurrency exchange Kraken and financial services provider Avanti received special Wyoming bank charters.