Xapo, the Gibraltar-based digital asset bank, has successfully acquired a securities broker license. With the newly granted Markets in Financial Instruments Directive (MiFID) license, Xapo is poised to offer its European clientele the opportunity to trade S&P 500 stocks, including popular options like Apple, alongside its existing crypto wealth management services, a report by CoinDesk said.
In an interview, Xapo CEO Seamus Rocca emphasized the company’s commitment to a more conventional and long-term investment approach, differentiating itself from the speculative trading practices often associated with the crypto industry.
The target demographic for Xapo is described as a slightly older audience—individuals who entered the Bitcoin market years ago with a view to holding it as a form of long-term investment, akin to a pension fund or for future property acquisitions. Rocca outlined the vision of providing customers with a diversified portfolio that encompasses stocks, a interest-earning savings account, and a Bitcoin allocation.
Xapo, which initially began in 2013 with a wallet, cold-storage custody vault, and a reserve of 30,000 bitcoins, has evolved over the years. After relocating to Gibraltar and establishing itself under the virtual asset service provider (VASP) framework, the company has attained a banking license and secured principal membership with major financial entities like Visa and Mastercard, as well as SWIFT.
Despite the increasing interest in cryptocurrencies from traditional banks, Xapo remains focused on retail customers and the fundamental principles of financial freedom associated with Bitcoin. Unlike many institutions that have embraced crypto for institutional services, Xapo aims to bridge the gap between cryptocurrencies and everyday use cases.
In a surprising move, Rocca revealed that Xapo, traditionally a bitcoin-only platform, is responding to customer demand by adding Ethereum to its portfolio. This decision is expected to roll out in approximately a month, expanding Xapo’s offerings and responding to the evolving needs of its user base.
