Xapo Suspends Credit Card Crypto Purchases, Shifts Operations to Gibraltar

Xapo Suspends Credit Card Crypto Purchases, Shifts Operations to Gibraltar

Left: Wences Casares, Xapo founder (Credit: Wikipeda/Christopher Michel)

Crypto wallet and bitcoin custodian, Xapo is discontinuing support for credit card payments for digital asset purchases.

In an emailed announcement on Friday, Xapo said its users would not be able to add funds to their account through credit cards beginning June 11. Additionally, bank transfers will only be supported above a certain minimum amount, depending on the user’s location.

“If you make a transfer, the app will detect your country of residence and specify the minimum amount,” the company email said.

“Rest assured, these changes will not affect your Xapo wallet services, and your BTC will remain safe and secure with us (as always). BTC transfer in and out will not be affected at all,” the email added.

The changes come after Xapo it would be transforming into a digital bank late in 2020. It will also move its operations from California to Gibraltar, which offers a regulatory framework for cryptocurrency firms but sets a

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