14 Mar 2014 / Xapo Blog – Introducing Xapo
Over the past several years, Bitcoin has taken people on a wild ride. It has grown from the realm of early adopters who took a leap of faith on digital currency to become part of daily conversation amongst retailers, regulators, and consumers, among others. As it evolved, we recognized two key themes people continually asked the Bitcoin industry to address: trust and accessibility. That’s why we built Xapo – the industry’s first Bitcoin company to offer online and offline security, coupling a fully-insured cold storage vault with a convenient wallet.
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.
Trusted, Secured and Insured
At Xapo, we understand that Bitcoin’s ultimate success will be based on trust – both in the currency itself and in the industry’s security and service providers. We’ve assembled a team of financial and security experts with a proven track record of building trusted financial products. Our team has been at the forefront of digital banking and has founded companies acquired by some of the world’s largest banks, and most recently created Lemon Wallet (acquired by LifeLock). With this combined expertise and experience, we’ve developed best-in-class Bitcoin storage with the Xapo Vault.
Xapo’s vault keeps your Bitcoin savings in total lockdown using layer after layer of proprietary security protocol, including man, machine, and even a mountain, to keep your bitcoins locked away in cold storage until you – and only you – want to access them. Think of it like a safe deposit box at your bank.
In the highly unlikely event that something does happen to your bitcoins in the Xapo Vault, and it wasn’t your fault, rest assured that they are fully insured, backed by Meridian Insurance. If any wrongdoing occurs that’s out of your control, we will fully refund your bitcoins.
Convenient, Everyday Access
While long-term, secure storage is an incredibly important part of using Bitcoin, we know that’s only part of the picture. Bitcoin is first and foremost a currency, and what good is that money if you can’t use it? That’s why we’re also offering an easy-to-use wallet for everyday access to the bitcoins you want to spend.
Unlike traditional digital wallets, Xapo Wallet has no fees, no delays, and no geographic limitations. That means you can move bitcoins when you want and where you want with the click of a button – whether it’s transferring money to family around the world, buying your cup of coffee at your local cafe, or paying the electrician.
And we’ve designed the process of transferring bitcoins between you vault and wallet to be simple and secure – as the industry’s first combined wallet and vault solution, Xapo is your trusted one-stop shop.
Building for the Future
We’re excited to bring Xapo to Bitcoin users and we welcome you to open your free account today. But we’re even more driven by what’s to come as Bitcoin adoption continues to grow. That’s why today we’re also announcing $20 million in Series A funding led by Benchmark, with Fortress Investment Group and Ribbit Capital. We’re proud to work alongside some of the best backers in the venture capital and financial industries. We envision a long and adventurous journey ahead and believe our new partners have strengthened our team and widened the opportunity for Bitcoin’s growth.
When I first learned of Bitcoin, I immediately saw the promise and utility of the currency and platform. I grew up in Argentina, where at times the economy experienced 12,000% annual inflation. I believe that a digital currency like Bitcoin could solve the disjointed nature of our world economy. We’re thrilled to have partnered with industry-leading investors who share our belief and vision, and will help us make it a reality.
Wences Casares
Xapo Founder and CEO
