Bitcoin startup Xapo is launching its wallet app on iOS to double as an interface for the company’s bitcoin vault service.
The app will allow bitcoin users to send their coins to Xapo’s offline storage vaults easily, with a single click. Retrieving stored bitcoins, however, is considerably more difficult, taking between 24 to 48 hours. Proof of the customer’s intent to withdraw is verified through multiple emails and text messages, and even phone calls for large amounts of bitcoin.
The company has focused on security from day one, Paymentssource reported, storing bitcoins on cold servers underground in multiple vaults, guarded by physical security. Xapo’s vault product is targeted toward those who want to keep large amounts of bitcoin safe – the company currently provides vault protection for multiple hedge funds, high net worth individuals and VC funds.
With the new wallet, consumers can send, receive and pay with bitcoin, and buy bitcoin directly from Xapo within the app.
Xapo is also looking for a sponsor bank in the US to allow the release of its bitcoin debit card, which was initially released earlier this year without a sponsor but quickly withdrawn. Xapo’s card partner is WaveCrest, a licensed e-money issuer in Europe. Thousands of cards have been sent in a limited roll out in countries other than the U.S.
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