Bitcoin vault giant Xapo is storing $10 billion across five continents
$10 billion
Bitcoin company Xapo is storing an estimated $10 billion across a vast network of high-security vaults, and its founder is betting most other cryptoassets won’t survive.
Published
| Photo by Reuters/Dado Ruvic/Illustration Although the price of bitcoin is anything but stable, three sources tell Bloomberg that Xapo’s cold-storage network holds 7% of the world’s bitcoin supply.
If accurate, that means the total value of the four-year-old company’s bitcoin vaults surpasses 98% of all deposits now held by American banks—roughly 5,670 of them.
The value of all bitcoin in circulation
As bitcoin surges, so does theft. Hence, Xapo’s storage system for private keys has flourished as rich investors find their cryptocurrency targeted by hackers, burglars, and even kidnappers.
But Xapo only stores bitcoin, declining other popular assets supported by Ethereum, Ripple, and Litecoin. According to CEO and founder Wences Casares, bitcoin will be the only one that succeeds in the end.
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