Categories: Bitcoin Entertainment

As Customers Worry for Security, Xapo Promising for Super Secure Bitcoin Storage Vault

Click here to view original web page at

It’s not just the customers who are worried about the security of their Bitcoin but even big Bitcoin exchanges as well. After Mt. Gox collapsed the last year, a lot of concerns have been shown by the people investing in Bitcoin. Understanding the requirement Bitcoin startup Xapo has announced that it is bringing up super secure Bitcoin storage vault.

The decision also seems to have been brought in swiftly because BitStamp, the world’s third-largest Bitcoin exchange says that it lost some 19,000 Bitcoin, worth about $5.4 million. Though the company reopened for business within a week, promising tighter security and guaranteeing losses, the incident scared many investors.

Taking cue from BitStamp, Xapo also slashed prices on one of its account offerings Thursday in an effort to drive customers amid rising interest in the cyber currency. Launching a slew of new security features following concern over the latest Bitcoin breach founder and CEO of the company Wences Casares said that security is keeping a lot of users uncomfortable using Bitcoin, he understands that.

Not even a year old company, Xapo says that its Vault product, which acts like a savings account for Bitcoin, will now be free of charge. Also the company is trying to provide tight security to the Bitcoin from investors with the help of its Vault that has a multi-signature authorization process – industry’s popular tool for higher security.

Cold Storage Vault for Bitcoin

The developments in the company are going to develop confidence among the customers who are scared of placing their Bitcoin. Wences Casares says that now users will need three keys to open their vaults, up from one previously and according to him as before, the keys are held offline to ensure security.

He further clarifies that to get the keys; thieves would need to physically break into three different bankers vaults, including one in the mountains in Switzerland. Last year ForexMinute had reported about the cold storage facilities being developed by some Bitcoin vault services providers; this seems to be one of them.

Talking to media professionals Casares said that he sees interest in Bitcoin growing even more in 2015 and according to him this is an industry in its infancy, much as the Internet was before there was a browser. With the decision his company is trying to lure the customers who may be looking for secure vault for their Bitcoin.

To contact the reporter of this story: Deepak Tiwari at

The decision also seems to have been brought in swiftly because BitStamp, the world’s third-largest […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by
Tags: mediaone

Recent Posts

Bitcoin Price Chart Forecast: BTCUSD Awaits Pennant Breakout

Bitcoin Price Forecast: A series of lower highs and slightly higher lows has formed a pennant pattern Regardless of direction,… Read More

2 hours ago

Billionaire Blackstone CEO Heaped Praise On Blockchain—But Made A Bitcoin Warning

Bitcoin has won over many from the traditional finance industry , but far more of the investment old guard remain… Read More

2 hours ago

Early Ethereum advisor charged with extortion and arrested

The accused, Steven Nerayoff, violated the agreement made with a blockchain firm. If found guilty, Nerayoff and his associate Michael… Read More

2 hours ago

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

8 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

8 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

8 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More