Xapo, a private crypto-friendly bank based in Gibraltar, is expanding across India and South Asia. This expansion shows a significant increase in the availability of cryptocurrency services throughout the region.

Xapo will begin accepting members in South Asia. The company offers services like its USD offshore saving account, which pays 4.1% interest, and a Bitcoin wallet that gives 1% back on BTC deposits.

Seamus Rocca, CEO of Coinbase, said that the move was in line with positive changes in Asia’s crypto landscape and our mission to simplify transacting securely and transparently from anywhere around the globe.

India’s relationship with cryptocurrency is a bit mixed, with capital gains tax on transactions and tax deducted at the source. India’s status as the most populous nation in the world and its presence with over 100 million crypto users makes it difficult for cryptocurrency firms to ignore.

Read more: Xapo Bank will enable Tether deposits and withdrawals

Parikshit Miishra is the editor.