- Xapo wallet holds 7% of total BTC supply in its vault.
- Its cold storage system is responsible for the general embrace.
Report from a news source yesterday 9th May revealed that Xapo cryptocurrency storage provider currently holds more than 7 percent of the global Bitcoin total supply in its cold storage vault, this roughly amounts to $10 billion. This was confirmed by two clients, who stated that Xapo wallet and cold storage provider is currently holding nothing less than $10 billion worth of Bitcoin.
Another source which is reportedly “close to” Xapo wallet, which now covers 5 continents, called the figure an “accurate approximation.”
Xapo wallet began operation in the crypto market in 2014 but became public talk late last year when it converted a Swiss bunker to a Bitcoin storage facility. Before then, the vault had struggled to achieve validity during a move to the country from the U.S, which proved troublesome with regulators.
However, cryptocurrency funds now praise the storage concept, notwithstanding the arguable lack of complete control and more centralized setup the vault presents when compared to individual cold storage options such as hardware wallets.
Ryan Radloff, CEO for CoinShares – an investment platform based in the UK, said:
“Everyone who isn’t keeping keys themselves is keeping them with Xapo, you couldn’t pay me to keep it with a bank.”
According to the news source, this great demand for cold storage for bitcoin sets Xapo’s “deposits” above those of 98 percent of the United States’ 5,670 banks.