Crypto News : Xapo allegedly protects billions in Bitcoin!

They have guards, blast doors, corridors of reinforced concrete. Does it sound like some apocolyptic safe house? Not quite... inside the bunkers referred to above you can find encrypted computer servers. Sorry hackers, they aren't connected to the internet. These servers hold keys to a huge bag of BTC.

But who is behind this amazing operation? None other than Argentine entrepreneur Wences Casares. After convincing Silicon Valley millionaires and billionaires that they need to buy some Bitcoin he has further twisted their arm and got them to allow him to safeguard it.

Xapo, Mr. Casares' company went to the effort of building a huge network of underground vaults. The empire spans five continents. One of the bunkers in service used to be held by the Swiss military.

In the rarefied world of wealth management, Xapo is known for a client list studded with family offices, and for occasionally letting a journalist peek into a stronghold to write about its security. Two Xapo clients said it houses roughly $US10 billion ($13.4 billion) of Bitcoin. Another person close to the venture called the figure an accurate approximation. Bitcoin's price, after all, is hardly steady.

In the world of decentralization and the hope of maintaining stability of prices it is a bit worrying that one management company has managed to round up 13.4 Billion USD of Bitcoin. It is only valued at that price because small amounts are bought and sold. Lets be honest, if someone tried to dump that amount at the same time, they wouldn't get very far...

Anyways, I thought this was pretty interesting and worthy of sharing with readers... What do you guys think about Xapo and the small empire they've built? Is this good for the overall cryptosphere?

Let me know your thoughts. Thanks for reading.

Source:

The underground bunkers where 'Patient Zero' helps the ultra-rich hide billions in bitcoin - SMH.com

Image Source:

SMH.com