Xapo Bank expands its Bitcoin credit fund, developing "a series of Bitcoin wealth products"

PANews, November 27, reported that according to an official announcement from The Block, Xapo Bank's yield-generating Bitcoin lending product, Xapo Byzantine BTC Credit Fund, has officially opened to a broader range of accredited investors after attracting $100 million in member fund allocation during its initial phase. The fund deploys Bitcoin deposited by users through a fully institutionalized credit process, with loan decisions supervised by the investment committee of the independent investment management firm, Hilbert Group, aiming to provide a low-risk, stable return wealth management tool for long-term Bitcoin holders. Tommy Doyle, Head of Global Customer Relationship Management at Xapo Bank, stated: “The Xapo Bitcoin Credit Fund aligns perfectly with our range of Bitcoin wealth products, providing stable returns for our long-term Bitcoin holders with a lower risk appetite.” According to the fund's terms, only accredited investors can participate, which may involve minimum investment thresholds and due diligence assessments. Earlier this year, Xapo, known primarily as a cryptocurrency custody institution, began offering Bitcoin-backed dollar loans of up to $1,000,000. Xapo is also the first bank in the UK to provide interest-bearing Bitcoin and fiat currency accounts.