Page 41 - Waterfall City Issue 3 March 2023
P. 41

“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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