Millonaires Stores About $10 Billion Bitcoin In a Secretly Equipped Bunker

Millonaires Stores About $10 Billion Bitcoin In a Secretly Equipped Bunker

Bitcoin News
May 10, 2018 by Sandra Onyeiwu
1481
Wences Casares, the Argentine entrepreneur who has spent the past several years convincing Silicon Valley’s wealthiest investors that Bitcoin, and only Bitcoin, is the global currency of the future is housing around $10 billion worth of the digital token in a secret Bitcoin bunker. About $10 Billion in bitcoins are stored in secret on the
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Wences Casares, the Argentine entrepreneur who has spent the past several years convincing Silicon Valley’s wealthiest investors that Bitcoin, and only Bitcoin, is the global currency of the future is housing around $10 billion worth of the digital token in a secret Bitcoin bunker.

About $10 Billion in bitcoins are stored in secret on the servers of the Xapo cryptocurrency start-up located in a specially equipped secret bitcoin bunker, which is about 7% of all currently existing bitcoins. Meanwhile, the size of the startup deposits exceeds the amounts that are on the accounts of 98% of US banks.

Xapo, a Hong Kong based company that provides Bitcoin wallet and cold storage services. Xapo got into the crypto market in 2014 and last year made headlines for converting a Swiss bunker into a Bitcoin storage facility.

Earlier, Xapo relocated its headquarters from the US to Switzerland with a view to provide enhanced privacy protection for its client. Cold storage of bitcoins is located in a former military bunker in the mountains of Switzerland.

Currently, the startup owns an extended network of underground vaults on five continents. Xapo holds funds of both private and institutional investors. The client list of Xapo includes a number of well-known families’ surnames and names of huge firms and corporations.

Xapo’s Bitcoin holdings represent 7% of the global Bitcoin supply. This means the company has more Bitcoin deposits than 98% of the banks in the US.

Getting bitcoins from vaults takes about two days. First, the company identifies the client and approves his request, and then manually signs transactions with private keys located at different points in the bunker.

The vaults are necessary to protect the investors’ private keys, the codes that enable customers to spend their cryptocurrency. If a bad guy gets his or her hands on the key, the digital tokens could be stolen, with no recourse to get them back.

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