Share this article
Xapo Suspends Credit Card Crypto Purchases, Shifts Operations to Gibraltar
Xapo is making changes as it transforms into a digital bank launching later this year.
Updated May 9, 2023, 3:09 a.m. Published Jun 12, 2020, 9:47 a.m.
Crypto wallet and bitcoin custodian, Xapo is discontinuing support for credit card payments for digital asset purchases.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 BTC 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 announced on May 5 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 high standard for approvals.
See also: Custody Battle Pits Institutional Boomers Against Crypto Upstarts
Earlier this month, a lawsuit was brought against Xapo and crypto exchange Indodax for allegedly holding stolen bitcoin. The crypto trader behind the legal action is attempting to force the exchanges to hand over nearly 500 bitcoin (currently worth around $4.7 million) he claims to have lost in a hack.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
A16z-Backed Daylight Brings Electricity Markets Onchain with New DeFi Protocol
The DayFi protocol aims to turn electricity cash flows into a crypto-native yield product, bridging capital to new solar power installations.
What to know:
- Blockchain startup Daylight, backed by a16z and Framework ventures, has launched a new decentralized finance protocol on Ethereum to turn electricity into a yield-bearing crypto asset.
- DayFi aims to create capital markets for decentralized energy, addressing the rising power demand from data centers.
- The protocol uses a combination of GRID stablecoin and sGRID yield token to finance solar installations and return tokenized yields to investors.
Top Stories
