Gibraltar-based Xapo Bank has announced a new Bitcoin yield product.
The company says that following strong initial demand from early access individuals, the product is now available to all of their customers.
The Xapo BTC Credit Fund is a product that aims to enable participants to earn yield on their Bitcoin by participating in institutional-grade lending markets.
Xapo says that, in partnership with Hilbert Group, the offering received an initial investment of more than $200 million from Xapo and other investors. Xapo Bank then received full regulatory approval in Gibraltar.
Seamus Rocca, CEO of Xapo Bank, said it is their vision to create a digital wealth ecosystem for Bitcoin holders.
“From loans to savings access, we’ve taken a phased approach to offering members more ways to grow and manage their Bitcoin within a secure banking framework. Opening this offering to all eligible members demonstrates the maturity of that journey, and the sustained demand we continue to see from those looking for long-term, institutional-grade opportunities.”
The offering is said to be designed to deliver consistent, risk-adjusted returns for long-term Bitcoin holders.
Xapo Bank Limited is regulated as a credit institution by the Gibraltar Financial Services Commission (GFSC) under. Cryptoasset services are provided by Xapo Vasp Limited, a DLT provider regulated by the GFSC.
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