Xapo,, which is one of the widely used cryptocurrency wallet on the marketplace, has recently revealed that its platform activated the Segregated Witness (SegWit) scaling solution developed by the Bitcoin Core development team.
Earlier this month, Bloomberg reported that Xapo’s cold wallet stored in underground bunkers in Switzerland has more than $10 billion worth of Bitcoin. This is an amount that is larger than 5,670 banks in the US – making Xapo known for managing more than 98% of the bank deposits in the US.
Ryan Radloff who is the founder of Coinshares, recently stated that the vast majority of large-scale investors have their Bitcoin stored in Xapo’s vaults. As he said:
“Everyone who isn’t keeping keys themselves is keeping them with Xapo.”
Xapo is also one of the first and one of the very few successful companies that have commercialized custodial and security functions in the crypto space. According to Reid Hoffman who is a billionaire investor and co-founder of LinkedIn:
“They’re the first folks who recognized custodial and security functions would be key. He made the pitch in the morning and in the afternoon I called him with an offer.”
Even though online wallets are popular nowadays and quite influential, Xapo has dominance over the institutional market within the crypto sector as it directly deals with institutional investors and retail traders.
Meanwhile, SegWit is an advanced technology for optimizing transactions and decreasing the amount in fees that users are required to pay to miners in order to have their transactions broadcasted to the Bitcoin blockchain network.
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