Today I'm excited to announce that Xapo has raised $20 million in Series A-1 funding. This round of funding was led by Greylock Partners and Index Ventures, with additional investments by Emergence Capital Partners, Max Levchin, co-founder of PayPal, Internet investor Yuri Milner, and Jerry Yang, founding partner of AME Cloud Ventures and co-founder of Yahoo!.
These investors join earlier backers Benchmark, Fortress Investment Group, and Ribbit Capital who invested $20 million in Series A funding in March.
In total, we have now raised $40 million. We are very optimistic about what this represents, not only for Xapo, but also for the bitcoin ecosystem as a whole.
Additionally, we are also excited to announce that Reid Hoffman and Mike Volpi will be joining Matt Cohler as Xapo's board observers. Both Reid and Mike have a proven history of recognizing emerging technologies before they reach the masses and both have ushered innovations from ideation to implementation to widespread adoption. We look forward to working with them as we strive to bring bitcoin to consumers everywhere.
Looking ahead, we will continue to invest the funds in building our team and our suite of services. We are committed to developing the framework that allow bitcoins to be used by consumers in their everyday lives while also continuing to offer highly secure bitcoin storage for Wall Street funds, exchanges, and financial institutions handling bitcoins.
Throughout my career in consumer-focused financial technology, I have never experienced anything that has piqued the interest of the financial community - and my own - quite like bitcoin. I'm particularly impressed by how quickly the bitcoin ecosystem has started to evolve. It is clear that the industry is being led by a new generation of businesses, driven by experienced entrepreneurs focusing on security and usability and backed by world class venture capitalists like our investors.
Let us keep in mind that it's important not to be short-sighted when examining bitcoin. Today, bitcoin is used primarily as a store of value. Soon, it will be a payment mechanism. In the near future it will be a unit of account. We are thankful to be a part of the journey and the ecosystem.