Page 41 - Waterfall City Issue 3 March 2023

“Life is uncertain, especially if you are from an emerging
economy,” says Rocca. “Our founders have lived this
experience. That’s why it’s Xapo Private Bank’s mission to
solve a very real problem of financial security and stability
for its members around the world, who want to find ways
to protect their hard-earned savings from country and
geopolitical risk, and other circumstances outside of their
control.

“Many people have turned to crypto currencies to overcome
these risks, but the reality is the crypto exchanges are not
trustworthy or safe. With all the unscrupulous exchanges
falling over, people need to be able to offramp their
crypto into a real bank, where it can be instantly and safely
converted into hard currency. Your money can only be safe
in a regulated bank with strong liquidity, which is what Xapo
is.

“With safety as a first priority, Xapo Bank made the decision
to offer USD bank accounts, because it is the most stable
and fungible global currency. USD is the meta currency of
the world, backed by the powerhouse US economy, and will
remain so for the foreseeable future.

“The USD remains the safest option in terms of long-term
value protection. It is a key lever for long-term wealth and
there is never a bad time to invest in USD.”

Members can also store Bitcoin in their Xapo account or
use it to convert Bitcoin into USD. “We believe in the long-
term value of Bitcoin because it’s sovereign and can’t be
tampered with, it is fully traceable, and it is finite. Therefore,
it will remain in demand,” Rocca explains.

Bitcoin, now surging at +39% month-on-month (at the
have a European passport to open a Xapo Bank account or time of writing), is seemingly going ‘mainstream’ with the
to get access to a private banker. Anyone can apply, and you recent announcement that Pick n Pay is now accepting
can do it from the comfort of your livingroom couch.” Bitcoin payments in over 1 500 retail stores – indicating that
consumer demand for holding and spending Bitcoin is on
Xapo Private Bank was specifically designed with mid- the uptake, in line with international trends.
affluent people from emerging markets in mind – people
like doctors, lawyers, engineers and entrepreneurs, “We believe that the way the world is heading, it will
who aren’t necessarily regarded as ultra-high net worth become more and more important to be able to hold and
individuals, but who still have wealth they want to protect interchange both USD and Bitcoin. If you can do that within
and who have a global outlook, says Rocca. one account with the assistance of a private banker in a
stable and highly regulated banking jurisdiction, it can help
The bank is designed to offer members long-term you to secure your wealth for the long-term, no matter what
investment growth and stability. It offers a deposit happens in the world,” says Rocca.
guarantee of up to US$100 000 and interest of 4.1% on USD
and 1% on Bitcoin. For more information, visit www.xapo.com

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