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Xapo to expand its operations in Gibraltar

Bitcoin technology company, Xapo is set to expand its operations in Gibraltar. With a reputation for being the largest custodian of Bitcoin in the world, and ranked in the Forbes Fintech 50, Xapo already holds a financial services license in Gibraltar and is in discussions with the Gibraltar Financial Services Commission, the jurisdiction’s regulatory body, as it seeks to expand further its authorisations.

Headquartered in Palo Alto, California, and founded in 2014, Xapo offers “cold storage” for clients’ Bitcoin, holding these in highly secure offline vaults – the Xapo Vault, according to the company’s website. This uses several layers of advanced cryptographic security to keep Bitcoin stashes safe and includes multi-factor authentication and private key segmentation.

Xapo also runs a Wallet operated through a mobile app and online which includes the ability to transfer funds to and from the Xapo Vault. In April 2014, Xapo introduced a debit card that links to the user’s Xapo Wallet and functions like a standard debit card, except that it is backed by bitcoins instead of traditional currency. The company aims to strengthen further its security systems for Bitcoin and make its services more accessible via its mobile app and debit card, although a greater level of detail on its plans is still to emerge.

Chief Executive Officer at Xapo, Wences Casares, and Seamus Rocca, also of Xapo, met with Gibraltar officials including Minister for Commerce, Albert Isola, towards the end of May. Also at the meeting were Paul Astengo, Senior Executive with Gibraltar Finance and Joey Garcia, of local law firm, Isolas.