[Wallets](https://revain.org/wallets/) › Xapo Bank

# 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

## Key facts

- **Official site**: [xapobank.com](https://www.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](https://defillama.com/hacks), [hacked.slowmist.io](https://hacked.slowmist.io/), [rekt.news/leaderboard](https://rekt.news/leaderboard/), [xapobank.com/en/company/our-security-system](https://www.xapobank.com/en/company/our-security-system), [xapobank.com/en/help](https://www.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](https://www.xapobank.com/en)
- Security: [www.xapobank.com/en/company/our-security-system](https://www.xapobank.com/en/company/our-security-system)
- Docs: [www.xapobank.com/en/disclosures](https://www.xapobank.com/en/disclosures)
- Support: [www.xapobank.com/en/help](https://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](https://www.xapobank.com/en)
- [Xapo Bank — About us](https://www.xapobank.com/en/company/about-us)
- [Xapo Bank — Custody](https://www.xapobank.com/en/banking/custody)
- [Xapo Bank — Our security system](https://www.xapobank.com/en/company/our-security-system)
- [Xapo Bank — Compliance](https://www.xapobank.com/en/company/compliance)
- [Xapo Bank — Membership](https://www.xapobank.com/en/membership)
- [Xapo Bank — Disclosures](https://www.xapobank.com/en/disclosures)
- [Xapo — homepage (Wayback, August 2020)](https://web.archive.org/web/20200808080743/https://xapo.com/)

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Page updated: 2026-10-31

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Source: https://revain.org/wallets/xapo-wallet/