As Bloomberg reported today, Bitcoin cold storage company Xapo has collected 7% of the total volume of mined Bitcoin coins in its cryptocurrency safes, which is approximately $10 billion.
Xapo entered the market in 2014 and became famous when late last year it turned a Swiss bunker into bitcoin storage. Previously, the startup had struggled to gain acceptance from the Swedes, having moved to the country from the US, which caused some difficulties from regulators.
The concept of cryptocurrency storage has now become very popular, despite the lack of full control and a more centralized form of storage when compared to individual storage, such as hardware wallets.
“Everyone who doesn’t store their keys themselves uses Xapo,” Ryan Radloff, chief executive of British investment platform CoinShares, told Bloomberg. “Even if I got paid for it, I wouldn't store cryptocurrency in a bank.”
This huge demand for bitcoin cold storage puts the company's "deposits" higher than 98% of those at 5,670 U.S. banks, according to Bloomberg.
According to https://cointelegraph.com
You May Also Like
Hardware cryptocurrency wallets
The number of hardware cryptocurrency wallets has increased significantly in recent years. For those who don’t know which wallet to choose, we provide a list of the best ones.
Ledger will support IOTA
According to a press release published on November 2, the German IOTA fund will integrate IOTA tokens with the Ledger cryptocurrency hardware wallet.
