USDC deposits to Xapo Bank are back
Update - Monday, 13th March, 2023
The temporary halt on USDC deposits to Xapo Bank placed on Saturday, 11th March, 2023 has now been lifted and we have notified all our members. We apologise for any inconvenience this may have caused. Ensuring member deposits remain safe and insured is always our top priority.
Saturday, 11th March, 2023
Given the current situation with Silicon Valley Bank (SVB), we want to take the opportunity to inform you that Xapo Bank has no direct exposure to that bank.
However, given that the ramifications of the bank's collapse are still unclear, including it's potential impact on USDC, we are temporarily halting USDC deposits to Xapo Bank.
As such, please do not initiate any USDC deposits until further notice.
This measure is being taken out of an abundance of caution. We are working closely with our partners, including Circle, to resolve this issue as soon as possible. Your deposits with Xapo Bank remain safe and insured.
We will provide you with updates as soon as we get more information.
If you have any questions, please reach out to your dedicated account manager via in app chat or send an email to [email protected].