Xapo vault may hold about $ 10 billion in bitcoin – Bloomberg
Cryptocurrency startup Xapo periodically shows reporters its bunker, which was equipped for the most secure storage of digital currencies. However, the amount stored on the company’s servers that are not connected to external networks is kept secret. The company’s two clients told Bloomberg that it is worth about $ 10 billion in bitcoins. Another source close to the company confirmed that this estimate is quite accurate..
Thus, Xapo holds about 7% of all bitcoins in existence today. At the same time, the amount of deposits of the startup, founded 4 years ago, exceeds the amounts that are in the accounts of 98% of US banks.
“Everyone who does not keep the keys themselves keeps them with Xapo,” said Ryan Radloff, CEO of CoinShares, who has deposited about $ 500 million in cryptocurrency in the bunker. “You won’t make me transfer them to the bank, even for money.”.
Xapo decided to set up a cold storage for bitcoin in the mountains of Switzerland, using a former military bunker for this and providing it with both physical security and advanced electronic security.
“They were the first to think that storage and security would be key,” said LinkedIn co-founder Reid Hoffman, whose venture capital firm provided Xapo with $ 20 million in 2014, about 2 years after startup CEO Vence Casares convinced him to buy bitcoin. “He told about his plan in the morning, and in the afternoon I called him with a proposal.”.
It takes about two days to get bitcoins from the Xapo vault. First, the company identifies the client and approves his request, after which it manually signs transactions with private keys located at different points in the bunker.
“Every element of their structure is geared towards security,” said Sean Clark, founder of First Block, adding that the fingerprint scanners in the Xapo vault are equipped with heart rate sensors to eliminate the possibility of amputated hands. “Every time we want to do a major translation, they contact us via videoconference, we use code words. If the translation is large enough, they will fly in to check everything personally. “.
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