As Customers Worry for Security, Xapo Promising for Super Secure Bitcoin Storage Vault

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As Customers Worry for Security, Xapo Promising for Super Secure Bitcoin Storage Vault

It’s not just the customers who are worried about the security of their Bitcoin but even big Bitcoin exchanges as well. After Mt. Gox collapsed the last year, a lot of concerns have been shown by the people investing in Bitcoin. Understanding the requirement Bitcoin startup Xapo has announced that it is bringing up super secure Bitcoin storage vault.

The decision also seems to have been brought in swiftly because BitStamp, the world’s third-largest Bitcoin exchange says that it lost some 19,000 Bitcoin, worth about $5.4 million. Though the company reopened for business within a week, promising tighter security and guaranteeing losses, the incident scared many investors.

Taking cue from BitStamp, Xapo also slashed prices on one of its account offerings Thursday in an effort to drive customers amid rising interest in the cyber currency. Launching a slew of new security features following concern over the latest Bitcoin breach founder and CEO of the company Wences Casares said that security is keeping a lot of users uncomfortable using Bitcoin, he understands that.

Not even a year old company, Xapo says that its Vault product, which acts like a savings account for Bitcoin, will now be free of charge. Also the company is trying to provide tight security to the Bitcoin from investors with the help of its Vault that has a multi-signature authorization process – industry’s popular tool for higher security.

Cold Storage Vault for Bitcoin

The developments in the company are going to develop confidence among the customers who are scared of placing their Bitcoin. Wences Casares says that now users will need three keys to open their vaults, up from one previously and according to him as before, the keys are held offline to ensure security.

He further clarifies that to get the keys; thieves would need to physically break into three different bankers vaults, including one in the mountains in Switzerland. Last year ForexMinute had reported about the cold storage facilities being developed by some Bitcoin vault services providers; this seems to be one of them.

Talking to media professionals Casares said that he sees interest in Bitcoin growing even more in 2015 and according to him this is an industry in its infancy, much as the Internet was before there was a browser. With the decision his company is trying to lure the customers who may be looking for secure vault for their Bitcoin.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com