According to Bloomberg’s unnamed source, Bitcoin’s offline wallet store, Xapo has kept 7% of the world’s total Bitcoin amount in their wallet, which does not have their own Internet connection. This amount is equivalent to approximately $ 10 million .
Another source that is “close” to 5 different Cretaceous storages said it was as an “accurate approximation.
Xapo is in the market just from 2014 and the first taking place in the news was by the end of last year which happened after an old Swiss battlefield was converted into a bitcoin storage facility.
Earlier, Xapo had problems during his move to Switzerland from the United States, where he had trouble with the authorities.
Now, on the contrary, most crypto-money funds praise this storage concept, despite the more centralized and less controlled options it offers compared to individual storage options such as hardware wallets.
Ryan Radloff, CEO of CoinShares, a UK- based investment platform, told Bloomberg:
“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 Bloomberg, this extreme offline wallet request for Bitcoin places the company’s “deposits” above 98% of the US’s 5,670 banks.