Xapo the Online Bitcoin Security Provider Backed by Benchmark
Online Bitcoin security provider Xapo has been able to raise $20 million in funding led by Benchmark, with Fortress Investment Group and Ribbit Capital.
What is Xapo?
Xapo, an online Bitcoin security provider, was founded by Wences Casares. Casares says in a blogpost that Xapo is,
“the industry’s first Bitcoin company to offer online and offline security, coupling a fully-insured cold storage vault with a convenient wallet.”
In addition to this, with all of the ups and downs Bitcoin has been facing, the people need to find a reliable and trustworthy method to store their coins. Xapo is offering that solution,
“By offering both a Bitcoin wallet and vault in one secure place, we’re marrying the ease-of-use Bitcoin users want for everyday needs with the security they require for confident Bitcoin savings.”
Why Should You Use Xapo?
According to the blogpost, Xapo’s vault is able to secure your Bitcoin savings in a lock-down mode using “layer after layer of proprietary security protocol.” This means that the coins are locked in cold storage until the user wishes to do something about them.
The icing on the cake is that if something bad happens…let’s say your bitcoins disappear without you knowing, Xapo says that your coins are “fully insured” by Meridian Insurance. Hence, if something goes wrong and it’s not your fault, you get the full refund of your bitcoins.
Xapo also offers a wallet that is not like regular digital wallets.
“Xapo Wallet has no fees, no delays, and no geographic limitations.”
This basically means that you can send your bitcoins wherever in the world without delays or fees. Xapo is also designed to make the process between transferring coins from your vault to your wallet easy and secure. Xapo’s founder Casares says,
“When I first learned of Bitcoin, I immediately saw the promise and utility of the currency and platform.”
Casares also believes that Bitcoin could help solve problems of the world economy. Xapo seems to be stepping on the right path as it is tackling one of the public fears about Bitcoin: security. The fact that one’s coins will be insured, Xapo provides the security one needs in order to go ahead and start using Bitcoin.
However, only time will tell if Xapo really does what it says it can do and if sticks to its promises.