Grayscale Investments LLC has appointed Xapo, Inc., a Bitcoin wallet and cold storage vault provider, as the custodian for the Bitcoin Investment Trust. The publicly traded shares of the Bitcoin Investment Trust trade under the ticker GBTC. The organization became the first publicly traded company in the short history of Bitcoin.
Talking about the announcement, Barry Silbert, Creator of the Bitcoin Investment Trust said that as the Bitcoin Investment Trust continues to grow its assets under management and provide the global investment community with a familiar and transparent structure to gain Bitcoin exposure, they are excited to partner with Xapo.
He further added that as a leader in the Bitcoin vaulting and storage space, Xapo joins the rank of the Bitcoin Investment Trust’s other leading service providers. Similar views were shared by Wences Casares, Founder and CEO of Xapo who believes the trust will have a positive impact on Bitcoin and the investment community.
Nonetheless, the decision by Grayscale which was established in 2013 by Digital Currency Group, has emerged as a leading name in the investment community. Xapo on the other hand was launched the last year has also been able to carve a niche for its services. It recently formed a new advisory board which includes the founder of Visa.
The Appointment has been done Considering the Merit and Experience
A press release from Grayscale says that Xapo, Inc., the Delaware company which serves customers in the United States is going to be the custodian of the Bitcoin Investment Trust. Nonetheless, Xapo Limited which also serves customers outside the United States has all the required pedigree to provide the efficient custodian services.
Though it will be a tough job to work as a custodian to the Bitcoin Investment Trust, given the experience Xapo has, it won’t be difficult. Being an active member of the Bitcoin community Xapo has been responsive to various developments taking place as well. For instance, it was taking active responsibility to be the voice for Bitcoin community in front of BitLicense.
Xapo participated with an industry group, including Coinbase, Circle, BitPay, CoinX, Bitreserve, Bitstamp, Bitnet and the Bitcoin Foundation, to provide coordinated feedback on certain key issues. Now that it has become custodian of the Bitcoin Investment Trust, it will have additional job responsibilities and expected to fare well in that front as well.
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