Startup Xapo, which is said to hold $10 billion in Bitcoin for clients, is ramping up its operations in Gibraltar as the British territory rolls out the red carpet for the cryptocurrency business.
According to the Government of Gibraltar, Wences Casares, chief executive officer of Xapo, met with Gibraltar officials this week. Among them was Trade Minister Albert Isola.
“We had a very productive session with Xapo regarding their plans to expand operations in Gibraltar,” Isolasaid by phone. - “About 30 firms are currently going through the licensing process.”
Offshore centers such as Malta and Gibraltaris trying to attract cryptocurrency firms, wanting to seize the opportunity as major jurisdictions are still debating how the industry should be governed.
Gibraltar regulators previously said eToro was close to being regulated under new blockchain laws islands.
For four years Xapo built a network of underground storage facilities on five continents, one of them is located in a decommissioned Swiss military bunker. Xapo is backed by billionaires like LinkedIn Corp. co-founder Reid Hoffman and former trader Mike Novogratz, who is currently busy building his own cryptocurrency trading bank.
You May Also Like
New Cashpay wallet feature allows users to change BCH
In June, many media outlets reported the creation of a new cryptocurrency wallet called Cashpay. The mobile application, available for iOS and Android, was developed by the Cryptonize.it team. Cashpay provides some features not available in other wallets, such as the ability to donate in BCH. Now the wallet is launching a feature called “Spend and Replace,” which will allow users to exchange Bitcoin Cash.
Hacker played DOOM on John McAfee's “unhackable” wallet
John McAfee's "totally secure" cryptocurrency wallet, with a $250,000 reward for discovering its vulnerabilities, was hacked and used by a teenager as a gaming platform for playing DOOM.
