Categories: Bitcoin Business

Bitcoin Firm Xapo Relocates to Switzerland

Click here to view original web page at www.newsbtc.com

Story Highlights

  • Xapo is moving its base to Switzerland to take advantage of the neutrality and stability
  • Most of the bitcoin firm's clients use their services primarily for storage and security

Bitcoin firm Xapo announced its plans to relocate to Zurich in order to benefit from Switzerland’s neutrality and stability. The company, which focuses on security and bitcoin services, has started the transition around three months ago, following requests from its customers.

For now, the company plans to hire finance and legal staff from Europe while maintaining a small presence in the United States. According to Xapo CEO Wences Casares, this decision was made after clients raised concerns about bitcoin regulation and increased oversight on transactions.

Bitcoin Firm Regulation

“This is not to facilitate crime, this is to protect privacy,” explained Casares. There are some customers that will bring more balances if we do this and there are some customers who have said we will work with you if you do this.”

Prior to this, Xapo had already moved its deep cold storage vault servers in an unspecified location in Europe. However, customers continued to pressure the bitcoin for more privacy and security features.

“We decided to do what they had been asking us to do for a while, move our main company to Switzerland and benefit from the safeguards,” Casares added. Most of Xapo’s customers make use of their services primarily for storage and security, with their holdings comprising long-term bets of high net worth clients.

Of course Swiss law will still apply for the bitcoin firm, and this covers monitoring transactions for potential money laundering, illegal transactions and terrorist financing. Casares mentioned that they will not hesitate to report customers who do anything suspicious and will not open accounts for those who cannot prove their identity.

The bitcoin firm is still pushing through with its plans to make technical updates on their vault storage offering, which would involve increased security features such as multisig and offline private key generation.

Xapo is moving its base to Switzerland to take advantage of the neutrality and stability

Most of the bitcoin firm’s clients use their services primarily for storage and security Bitcoin firm Xapo announced its plans to relocate to Zurich in order to benefit from Switzerland’s neutrality and stability. The company, which focuses on security and bitcoin services, has started the transition around three months ago, following requests from its customers.For now, the […]

cinerama

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...
Share
Published by
cinerama

Recent Posts

  • Bitcoin Business

Cardano {ADA} falters, Foundation member scheduled to speak at an event by the Bitcoin {BTC} Association

Cardano is ranked at #12, right after Stellar Lumens and above Monero on coinmarketcap. According to the latest available data,… Read More

3 hours ago
  • Bitcoin Business

How Big Hydro Power Partners With Bitcoin Miners to Prevent Energy Waste

We are often told that the verification of bitcoin transactions eats a lot of energy. The largely inaccurate comparison to… Read More

3 hours ago
  • Bitcoin Business

Bitcoin Mining Hotspot Iran Drafts Electricity Tariffs for Crypto Miners

Bitcoin mining is about to become mainstream and legal in Iran | Source: Lars Hagberg / AFP The government of… Read More

3 hours ago
  • Bitcoin Business

Ideanomics: Simply Adding Blockchain And Fintech Won’t Make It Successful

SummaryI believe that IDEX is a company without a clear identity and vision.IDEX's transition towards blockchain and fintech is bewildering.Currently,… Read More

3 hours ago
  • Bitcoin Business

Bitcoin’s Catch-22 Will Keep It From Spurring a Monetary Revolution

Over the past couple of years, there have been a number of fast-growing industries that have caught the attention of… Read More

3 hours ago
  • Bitcoin Business

Post-Halving Bitcoin to Hit $100,000 in 2020? It’s Unlikely, Data Shows

In around 300 days, Bitcoin (BTC) will experience what is known as a “halving” or “halvening”. This event, which occurs… Read More

3 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