May 28,'s Currency

Xapo Wallet and Vault

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Xapo is a Switzerland-based company that provides a bitcoin wallet combined with a cold storage vault and a bitcoin-based debit card.

The Xapo Wallet operates through a mobile app and online and includes the ability to transfer funds to and from the Xapo Vault. In April 2014, Xapo introduced a debit card that will link to the user’s Xapo Wallet and will function like a standard debit card, except that it is backed by bitcoins instead of traditional currency.

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Xapo announced $20 million Series A funding in March 2014. The funding round was led by Benchmark, with participation from Fortress Investment Group, and Ribbit Capital. Benchmark partner Matt Cohler said the VC firm backed Xapo in part because Xapo “is led by one of the most important people in the bitcoin ecosystem, it’s insured and has investors from both Silicon Valley and Wall Street.”

The company has raised a total of $40 million as of August 2014

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