Recently a new Bitcoin vault and wallet, Xapo Bitcoin Wallet, was launched by Wences Casares, CEO and co-founder of Lemon Wallet (which was later sold to LifeLock for $42.6 Mn). On July 25, 2014, Coinbase, a provider of trusted and secure third-party payment processing, launched its own vault designed to provide greater security.
How does it work? Withdrawals are time delayed, with notifications delivered to users’ phones and e-mail addresses.
For increased security, users can also choose a group vault with multiple withdrawal approvers.
The Coinbase Vault is 100% free and has no fees.
Time-delayed withdrawals: Withdrawals from a user’s vault have a 48-hour window during which they can be canceled.
Multiple approvers: Joint accounts can be used for extra security, requiring multiple approvers to initiate a withdrawal.
Offline storage: Up to 97% of bitcoin is stored totally offline, in geographically distributed safe deposit boxes and physical vaults.
Coinbase also says the vault can have multiple co-signers for withdrawals:
- Withdrawals are made with two-factor verification.
- Co-signers will get an e-mail to approve the withdrawal.
- The transfer will be complete after the waiting period.
Recently, LTP wrote about satellite-TV provider Dish Network’s decision to begin accepting bitcoins. It was big news. On July 18, 2014, another huge announcement was made in favor of the digital currency: Dell began accepting bitcoins on its website. Dell partnered with Coinbase to enable bitcoin transactions.
Founded in June of 2012, Coinbase is a San Francisco-based provider of a wallet and platform in which merchants and consumers can transact with the new digital currency bitcoin.
Some key metrics, as stated on Coinbase’s website:
- 1.5 Mn consumer wallets.
- 35,000 merchants.
- 6,000 API applications.
- U.S. bank integration.