Remember Wences Casares, CEO and co-founder of Lemon Wallet (which was later sold to LifeLock for $42.6 Mn). Wences has seen a lot in the Wallets and fintech space to smell a winner. Today (14th March, 2014) Wences and his team have launched a new Bitcoin vault and wallet called Xapo Bitcoin Wallet. In a discussion with Lets Talk Payments, Mr. Casares said that while he would continue to work at Lifelock as a consultant, Xapo is his new venture and focus.
Xapo is a Bitcoin wallet & vault. You can open a free account , as well as get some bitcoins for free almost immediately. Xapo has received a funding of $20 Million through Series A Round led by Benchmark. Other participants include Ribbit Capital and Fortress Investment Group.
When Mr. Casares first learned about Bitcoin in 2009, he immediately saw the promise and utility of the currency and platform. “As many of you know, I grew up in Argentina, where at times the economy experienced 12,000% annual inflation,” he said. Wences believed that a digital currency like Bitcoin could solve the disjointed nature of our world economy, but to do so, it must address two key these: trust and accessibility. “That’s why I’m excited to announce my next venture: Xapo – the industry’s first Bitcoin company to offer online and offline security, coupling a fully-insured bitcoin cold storage vault with a convenient bitcoin wallet,” he told us.
Xapo consists 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. “And transferring bitcoins between your wallet and vault is simple and secure – as the industry’s first combined wallet and vault solution, Xapo is your trusted one-stop shop. I welcome you to open your free Xapo account today and be part of the Bitcoin revolution,” said Wences Casares.
I just registered for the Wallet following the link and what do you know? I am now the proud owner of SAT 5,000 which is equivalent to $0.03 at the moment. SAT or Satoshi is the smallest fraction of a Bitcoin. 100 million satoshis are 1 Bitcoin.
You will need to confirm your email address as well as phone number to fully activate your account. Having done both, I can say the entire process from registration till complete usability is less than a minute. It certainly does have that factor that could entice any non tech savvy person to just try it out of curiosity for its ease of use.
You can spend your Bitcoins by sharing them on Twitter via Xapo Bitcoin Wallet. Basically you can connect and tip Bitcoins on twitter wherein each reply with #xapotip tips 2,000 ($0.01).
- You have to first Connect the wallet to your Twitter account.
- In order to tip, all you have to do is mention @ recipient with #xapotip and the amount that you would like to tip.
- And well, your done!
Xapo Vault is a service to keep all your bitcoins highly secure. Their vault keeps your bitcoins offline, in cold storage, and protects them from hacking and similar attacks. Their Vault service costs 0.12%, or 12 basis point anually. That means, if you store BTC 100, it costs BTC 0.12 per year.