Xapo is a company that is based in Hong Kong providing its clients a bitcoins wallet together with a Bitcoin-based debits card and cold storage vaults. The company was started by Wences Casares, an entrepreneur and the CEO of Xapo. He became inspired to form the company in 2014 after he couldn’t find a way to store the first Bitcoins he bought. He founded the company with the aim of providing a more accessible and secure platform to conduct transaction and store bitcoins.
The wallet can operate either on a mobile application or online, and allows for an easy and efficient way of transferring fund to the Xapo Vault and from it too. Their debit cards were introduced in April 2014, which is linked to the users Xapo Wallet. The debit card functions just like the standard debit card, only that instead of being backed by the traditional currency, it uses bitcoins.
One of the key aspects of people dealing with bitcoins and generally any form of currency is the safety of their bitcoins and money. Xapo wallet and vaults are featured with very strict security measures to ensure the safety of owner’s bitcoins. The company’s servers are offline and encrypted. The bitcoins are stored in secure, offline servers. The servers never connect to the internet. Hence, the worry of online hacking can be forgotten completely. There is no compromise when it comes to granting access to the vaults.
The vaults are located in various locations around the globe surrounded by a concrete wall and a steel blast entrance door. The locations are also secured using radio-blocking Faraday cage. This offers security and uniquely robust protection from any kind of physical theft. The redundant global network of the storage vaults ensures that any form of regulatory action or any security breach case does not in any way compromise the Bitcoins in a user’s account. The assets in the vaults cannot be seized by any government. To monitor the Xapo’s terrestrial network, they have a satellite-based “X-ray” that continuously monitors and validate the security of the entire system.
Xapo Company seeks advice from some of the most influential persons who have great knowledge and experience in economy and money transfer. Lawrence H. Summers, who was the Treasury Secretary of the United States when Bill Clinton was the president, Dee Hock who is the founder of Visa, and is still one of the leading persons currently in creating effective payment systems, and John Reed, the former CEO, and Chairman of Citibank, are some of the trusted advisors for Xapo. With the advice from these trusted and knowledgeable persons, the company is sure to always be up to date with the latest trends and stay effective at all times.
Xapo has attracted some of the biggest investors in the globe. The company has managed to raise $40 million from Emergence Capital Partners, Fortress Investment Group, Benchmark, Ribbit Capital, Index Ventures and Greylock Partners.
48 Hour Window
Once one request for transactions to be conducted from their vault, identification process commences that employs extensive measures for authentication. After successfully going through the process, the bitcoins are transferred to the user’s wallet within two business days. The transfer process is closely tracked for extra security.
Xapo also welcomes businesses and financial institutions. It helps them manage, organize, and safeguard their bitcoins. It allows for the institutions to organize their team, create multiple wallets, and to set levels of permissions among other advantages.