Bitcoin keeps moving forward on its road to scalability with an ever-increasing implementation of SegWit, the scaling solution developed by the Bitcoin Core development team.
Earlier this month, Xapo was in the news where its underground bunkers are run to store the bitcoin fortunes of wealthy businessmen and bitcoin billionaires. Currently, these bitcoin bunkers in Switzerland oversee more than $10 billion worth of bitcoin
Read more: There is An Underground Place Where the Wealthy Store Their Bitcoin Assets
Ryan Radloff, the founder of CoinShares, an investment company that has more than $500 million worth of bitcoin stored in Xapo’s cold wallet, stated that the vast majority of large-scale investors that do not hold or manage their own private keys have their bitcoin stored in Xapo’s vaults. Radloff said,
“Everyone who isn’t keeping keys themselves is keeping them with Xapo”
Billionaire investor and LinkedIn co-founder Reid Hoffman had the same school of thought as Radloff and stated that Xapo is the first and one of the very few successful companies to have commercialized custodial and security functions in the cryptocurrency industry.
Hoffman, who invested more than $20 million in Xapo in 2014 said,
“They’re the first folks who recognized custodial and security functions would be key. He made the pitch in the morning and in the afternoon I called him with an offer,”
SegWit optimizes transactions by eliminating unnecessary transactional data and moving additional information outside of the transactional data. This way, SegWit also decreases the amount of fees users are required to pay to miners to have their transactions broadcasted to the bitcoin blockchain network.
Xapo’s integration of SegWit will enable large sums of bitcoin to be processed on the bitcoin blockchain network as SegWit-enabled transactions, drastically decreasing costs and burden on the main blockchain network.
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