Xapo, a Palo Alto, California-based financial services firm that provides “deep cold storage vault” solutions for Bitcoin (BTC) and other cryptocurrencies, has revealed that since 2014, it has been “safeguarding the funds” of over 1.5 million of its clients.
Xapo’s latest blog post notes that it has helped many of its customers launch their own crypto business, purchase their first automobile, “make their first investment,” and conduct cross-border payments.
As noted in Xapo’s recent blog, published on April 8th, 2019, the company has redesigned its official logo and it has rebranded itself. Xapo’s new look “reflects [its] evolution into a global, Bitcoin-powered, financial solution,” the firm’s blog states.
In order to make its products more accessible to consumers worldwide, the American technology firm believes it must offer “more flexible and intuitive” software solutions to its clients.
To better meet the requirements of its clients, Xapo has “developed a revamped app” which has been redesigned to “make it easier to send, receive and store” funds. Xapo’s new app is available for Android, iOS, and web-based interfaces.
$40 Million In Total Funding Received
Established in 2012, Xapo Inc. has so far received $40 million in total funding and its founders, which include prominent Argentine businessman Wences Casares, believe Bitcoin’s “ultimate success will be based on trust.” The company’s Crunchbase profile mentions that it’s important to consider “whether individuals trust the digital currency’s stability and whether they trust the industry’s security.”
Xapo currently offers “two distinct products” including “an easy access wallet and a locked-down vault.” Both products have been designed to provide “convenience [to] Bitcoin users” which allows them to more easily and securely transact in cryptocurrencies.
Managing $10 Billion In Crypto On Behalf Of Clients
In May 2018, a report had revealed that Xapo’s cold storage vaults were holding around 7% of Bitcoin’s total supply. These funds are being held on behalf of the financial service provider’s clients and were estimated to be worth around $10 billion (at that time).
Xapo’s business operations are overseen by the self-regulating Financial Services Standards Association, which ensures its members follow appropriate regulatory guidelines. These include know-your-customer (KYC) and anti-money laundering (AML) requirements.
Last year, Ryan Radloff, the CEO at CoinShares, a crypto treasury management firm which has more than $500 million in Bitcoin stored at Xapo, remarked:
Everyone who isn’t keeping keys themselves is keeping them with Xapo. You couldn’t pay me to keep it with a bank.