Bitcoin storage provider Xapo now holds about 7% of the world’s total Bitcoin supply in its vaults, “roughly” amounting to $10 bln, Bloomberg reports May 9 quoting unnamed sources.
According to two clients, the wallet and cold storage provider currently looks after an estimated $10 bln in the cryptocurrency.
A further source “close to” the vaults, which now encompass five continents, called the figure an “accurate approximation.”
Xapo has only been on the market since 2014, making headlines when it converted a Swiss bunker to a Bitcoin storage facility late last year. Prior to that, the startup had struggled to achieve validity during a move to the country from the US which proved troublesome with regulators.
Conversely, cryptocurrency funds now praise the storage concept, despite the arguable lack of complete control and more centralized setup it represents when compared to individual cold storage options such as hardware wallets.
“Everyone who isn’t keeping keys themselves is keeping them with Xapo,” UK-based investment platform CoinShares’ CEO Ryan Radloff told Bloomberg. “You couldn’t pay me to keep it with a bank.”
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!