24 September 2017
visit www.avoka.com

Lemon co-founder raises $20 million for bitcoin vault start-up

14 March 2014  |  4721 views  |  0 Vault combination lock

Xapo, a bitcoin wallet and cold-storage vault start-up established by former Lemon founder Wences Casares, has raised $20 million in Series A funding led by Benchmark, with Fortress Investment Group and Ribbit Capital.

Aiming to become the Fort Knox of the Bitcoin world, Xapo keeps bitcoin accounts in total lockdown using multiple layers of proprietary security protocols backed by insurance against losses from Meridien Insurance.

Accounts are stored in a computer that has no Internet access, with encrypted data back-ups segregated onto external drives and paper and secreted in physical vaults in geographically dispersed locations.

"Think of it like a safe deposit box at your bank," says Casares, who was part of the team behind the Lemon digital wallet platform, which was sold to LifeLock for $43 million late last year.

Casares is billing Xapo as a one-stop-shop for bitcoin users, combing a free wallet and vault security service. Storage in Xapo's Vault costs an annual fee of 0.12% for each deposit made.

"When I first learned of Bitcoin, I immediately saw the promise and utility of the currency and platform," says Casares. "I grew up in Argentina, where at times the economy experienced 12,000% annual inflation. I believe that a digital currency like bitcoin could solve the disjointed nature of our world economy."
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bitcoin not a currency but has tech potential - Goldman Sachs

Bitcoin not a currency but has tech potential - Goldman Sachs

13 March 2014  |  9881 views  |  7 comments | 10 tweets | 5 linkedin
Mt. Gox files for bankruptcy protection; Yellen says Fed has no authority to regulate bitcoin

Mt. Gox files for bankruptcy protection; Yellen says Fed has no authority to regulate bitcoin

28 February 2014  |  6263 views  |  1 comments | 7 tweets | 10 linkedin
Researchers find more than 100 malware families targeting bitcoin

Researchers find more than 100 malware families targeting bitcoin

27 February 2014  |  6889 views  |  1 comments | 8 tweets | 3 linkedin
MT Gox goes up in smoke. Is this the end for bitcoin?

MT Gox goes up in smoke. Is this the end for bitcoin?

25 February 2014  |  7336 views  |  5 comments | 15 tweets | 10 linkedin
Bitcoin plunges again after dark market Web hack

Bitcoin plunges again after dark market Web hack

14 February 2014  |  7742 views  |  7 comments | 10 tweets | 7 linkedin
Bitcoin bug causes massive sell-off

Bitcoin bug causes massive sell-off

10 February 2014  |  15836 views  |  7 comments | 23 tweets | 16 linkedin
Precious metals group joins Bitcoin cold storage fray

Precious metals group joins Bitcoin cold storage fray

13 January 2014  |  4963 views  |  0 comments | 3 tweets | 1 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comdownload the paper nowvisit www.abe-eba.eu

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13565 views comments | 28 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
10156 views comments | 13 tweets | 28 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8651 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8528 views comments | 16 tweets | 1 linkedin
ISO 20022: The common language of choiceISO 20022: The common language of choice
8291 views comments | 1 tweets | 2 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job