The Hong Kong-based company, Xapo, offers a Bitcoin wallet alongside a cold storage vault and a Bitcoin-based debit card. The company is rumored to have five secret bunkers on five different continents where it stores its BTC. The company is also said to be the largest custodian of Bitcoin in the world.
According to sources familiar with the situation, Coinbase isn’t the only exchange with eyes on Xapo. United States Financial Services company, Fidelity, have also been vying for the acquisition of Xapo. The two companies have been in gridlock for the last couple of weeks, but Coinbase seems to come out on top.
Xapo is a Hong Kong-based firm founded in March 2014. The company is supported by top industry players like Greylock Partners and Index Ventures, Digital Currency Group,
Winklevoss Capital and Blockchain Capital.
Xapo reportedly holds about $10 billion in crypto assets for its over 1.5 million customers. By making use of a mobile app, users can transfer funds to and from the Xapo vaults. Xapo is seen as an alternative to digital banking and was once described as the “Fort Knox of Bitcoin storage” by the Wall Street Journal. Xapo keeps customer funds in offline, encrypted servers that are never connected to the internet.
Coinbase is the largest crypto exchange in the United States and have been making exceptionally feats in the crypto space.
Just last week the company made a massive expansion of USD Coin (USDC) trading to customers in 85 countries. It also added 50 more jurisdictions to its coverage, including countries like Brazil, South Africa, Taiwan etc.