Last month, we saw the launch of a new Bitcoin vault and wallet called Xapo Bitcoin Wallet by Wences Casares, CEO and Co-Founder of Lemon Wallet (which was later sold to LifeLock for $42.6 Mn). Users could open a free account , as well as get some bitcoins for free almost immediately. It seems that was just the beginning. On 24th April 2014, the company announced the launch of Xapo Debit Card, which enables users to spend Bitcoins as they would any other currency.
Xapo is a Bitcoin wallet & vault. onsists of a team of financial and security experts with a proven track record o building trusted financial products, including their last venture – Lemont Wallet. By offering both a Bitcoin wallet and vault in one secure place, Xapo is marrying the ease-of-use Bitcoin users want for everyday needs with the security they require for confident Bitcoin savings. Xapo has received a funding of $20 Million through Series A Round led by Benchmark. Other participants include Ribbit Capital and Fortress Investment Group.
- Xapo Debit works in a similar manner to the traditional debit card.
- With this, users have the ability to utilize Bitcoins for payment at any offline or online merchant that accepts credit or debit cards.
- After payment has been made by the user via Bitcoin, the merchant will receive the funds in their local currency.
- This quite an improvement over cards already on the market, which are essentially “prepaid” cards that require the user to manually convert their Bitcoins into their local currency before buyinh anything, says the company.
“Xapo Debit functions like a traditional debit card and is a big step forward in the development of the bitcoin infrastructure – for the first time, customers have the ability to use bitcoin at any online or offline merchant that accepts debit or credit cards,” Xapo Founder and CEO, Wences Casares, told Foreminute. “We are focused on making bitcoin more secure and safer and making it easier to use, the debit card is something that our customers have requested.”
“The mission of Xapo is to provide a system that is both convenient and secure. We offer our fully-insured Vault with the security needed for confident bitcoin savings combined with our easy-access Wallet. The Xapo debit card provides users a new, simpler way to access bitcoins and use them for everyday transactions,” states Xapo’s Blog. “We continue to believe that for bitcoin to develop as a global payment network, it’s the responsibility of companies like Xapo to create the infrastructure and tools necessary to give people the experience and true advantages of bitcoin. Xapo Debit lets users make purchases in a way that is very similar to using a traditional debit card. And we’ve made it simple for customers to spend their bitcoins at millions of businesses around the world without a merchant needing to accept bitcoin. It’s convenient for users, and easy for merchants.”