Xapo holds 7% of all bitcoin reserves

Xapo holds 7% of all bitcoin reserves

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

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