Xapo Bank: keys, security, fees and reviews
In short
- Key control
- Custodial: Xapo manages the private keys for members; members do not hold their own keys.
- Fees
- Subscription: USD 1,000 annual membership fee (as of 31 October 2026).
- Risks and caveats
- Custodial: Xapo holds the keys; members cannot export or control their own private keys.
- Checked
- 31 October 2026
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Key facts
- Official site
- xapobank.com
Key facts checked on 31 October 2026 against official sources.
Status
The original Xapo bitcoin wallet became Xapo Bank, a Gibraltar-licensed bank launched in 2021; Bitcoin is held in a custodial account run by its sister company Xapo VASP Limited.
What is Xapo Bank
Xapo Bank is a Gibraltar bank and Bitcoin custodian that grew out of Xapo, a bitcoin wallet and vault service founded in 2013. Members hold USD and Bitcoin in one app; Xapo Bank Limited is a GFSC-licensed credit institution for fiat balances, and Xapo VASP Limited, a GFSC-regulated DLT provider, holds the Bitcoin.
Who holds the keys
| Parameter | Details |
|---|---|
| Key control | Custodial: Xapo manages the private keys for members; members do not hold their own keys. |
| Account model | Keys are split with multi-party computation (MPC) into shards stored in several locations, including bunkers. |
| Custodian | Bitcoin is held by Xapo VASP Limited (GFSC DLT provider, Permission No. 26061), not by the bank. |
| Recovery | A member who loses their device can regain the account through Xapo's MPC and identity checks. |
| Custodian | Customer Bitcoin is held 1:1 and kept separate from Xapo's own funds, according to the bank. |
Features and supported networks
| Parameter | Details |
|---|---|
| Buy / sell | One account for USD and Bitcoin; USDT and USDC deposits convert to the USD balance automatically. |
| Interest | Bitcoin Savings pays a variable 0.25% APY in BTC (as of 31 October 2026); the bank says this Bitcoin is not lent out. |
| Platforms | Mobile app for iOS and Android with biometric login and optional hardware security keys (e.g. YubiKey). |
| Vault | In-app Bitcoin Vault with a 48-hour security buffer on withdrawals; Vault Bitcoin earns no interest. |
Security and audits
- Bitcoin keys are split with multi-party computation (MPC); shards are stored in several locations, including undisclosed underground bunkers.
- Accounts use two-factor and biometric authentication; hardware security keys can be linked.
- Crypto assets are not covered by the Gibraltar Deposit Guarantee Scheme; only fiat balances at Xapo Bank Limited are.
Security incidents
No security incident is recorded in the sources checked on 31 October 2026 (the company’s own channels and incident databases): defillama.com/hacks, hacked.slowmist.io, rekt.news/leaderboard, xapobank.com/en/company/our-security-system, xapobank.com/en/help
Fees
| Parameter | Details |
|---|---|
| Subscription | USD 1,000 annual membership fee (as of 31 October 2026). |
| Buy / sell | USDC sent on Ethereum converts 1:1 to USD with no additional fee (as of 31 October 2026). |
History
| Date | Event |
|---|---|
| 2013 | Xapo is founded by Wences Casares to protect savings in Bitcoin, becoming known for physical Bitcoin bunkers. |
| 2015 | Xapo reaches 1 million registered users by the end of 2015, according to the company. |
| August 2020 | Xapo's homepage announces a move into digital private banking for existing account holders. |
| 2021 | Xapo Bank launches as a bank regulated by the Gibraltar Financial Services Commission. |
| 2023 | Xapo Bank adds stablecoin (USDC/USDT) and Bitcoin rails alongside SEPA, FPS and SWIFT. |
| 2024 | Xapo Bank passports its banking licence into the United Kingdom. |
Risks and caveats
- Custodial: Xapo holds the keys; members cannot export or control their own private keys.
- Bitcoin and other crypto balances are not covered by the Gibraltar Deposit Guarantee Scheme; only USD balances at the bank are, up to the USD equivalent of £120,000.
- Interest rates on USD and Bitcoin are variable and can change at any time.
- Membership costs USD 1,000 a year (as of 31 October 2026).
About the developer
- Legal entity
- Xapo Bank Limited, Gibraltar company No. 111928; Xapo VASP Limited, company No. 118088.
- Licence / registration
- Xapo Bank Limited: GFSC credit institution, Permission No. 23171 (fiat balances only).
- Licence / registration
- Xapo VASP Limited: GFSC DLT provider, Permission No. 26061 (crypto services).
- Headquarters
- One Grand Casemates Square, Gibraltar.
- Founders
- Wences Casares.
Official links
- Website: www.xapobank.com/en
- Security: www.xapobank.com/en/company/our-security-system
- Docs: www.xapobank.com/en/disclosures
- Support: www.xapobank.com/en/help
Questions and answers
Is Xapo a licensed bank?
Yes. Xapo Bank Limited is regulated by the Gibraltar Financial Services Commission as a credit institution (Permission No. 23171) for fiat balances; crypto services come from Xapo VASP Limited (DLT provider, Permission No. 26061).
Does Xapo still have a Bitcoin wallet?
Yes, as a custodial Bitcoin account and in-app Vault inside Xapo Bank. Xapo manages the keys with MPC; it is not a self-custody wallet.
Is Bitcoin at Xapo covered by deposit insurance?
No. Crypto asset deposits are not covered by the Gibraltar Deposit Guarantee Scheme; USD balances are covered up to the USD equivalent of £120,000.
How much does Xapo Bank cost?
Membership costs USD 1,000 a year (as of 31 October 2026).
Who founded Xapo?
Xapo was founded in 2013 by Wences Casares; it became Xapo Bank in 2021.
Sources
- Xapo Bank — homepage
- Xapo Bank — About us
- Xapo Bank — Custody
- Xapo Bank — Our security system
- Xapo Bank — Compliance
- Xapo Bank — Membership
- Xapo Bank — Disclosures
- Xapo — homepage (Wayback, August 2020)
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