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A conservative 20%-40% loan-to-value ratio safeguards customers’ bitcoin, said Xapo, whose Gibraltar-regulated banking license has been passported into the U.K. In effect, this means bitcoin would have to crash to under $40,000 from its current price for borrowers to be liquidated, Rocca said. Xapo started out in 2013 as a wallet and custodian known for securing bitcoin in Swiss mountain bunkers, a very safe alternative to self-custody for long term holders of the largest cryptocurrency