Startup Xapo enters the jurisdiction of Gibraltar

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.