GIBRALTAR – Britain's Xapo Bank will now enable USDC payments with British pounds (GBP) between UK accounts and crypto wallets. The move comes as many banks are facing massive downtrends following the Silicon Valley Bank collapse.  

Xapo Bank is known to be crypto-friendly and uses the Faster Payments network and has integrated Bitcoin's Lightning Network. 

Xapo is a licensed private bank and cryptocurrency custodian based in the British overseas territory of Gibraltar. 

Many companies and VC firms are seeking alternatives as several banks have been divesting this week as banks face insolvency crises amid ongoing inflation.   

Binance will suspend its GBP deposit and withdrawal services for all users in May.