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Xapo has been focusing on building its infrastructure to become the most secure bitcoin storage service on the digital currency ecosystem. Since the beginning, this has been the company main focus and to support and accelerate their aim, Wences Casares, Xapo Founder and CEO, has recently announced the company was moving its headquarters to the global financial center of Zurich, Switzerland.
It looks like the company’s primary deep cold storage vault is also located in Switzerland, and at the request of our expanding global customer base, the company believes now is the time to bring their center of operations closer to the heart of its security infrastructure. The country’s regulatory stability, international neutrality and its deep-seated tradition in global finance also factored into the company’s decision.
Bitcoin’s ability to scale hinges on consumer confidence and the development of services that allow people and institutions to easily and securely store and transact in bitcoin, and that’s where the company’s product, partnerships, and team will continue to be focused.
Many corporations today still follow an outdated practice with respect to bitcoin security by using insecure storage techniques like paper wallets or printed key backups which the company considers old-fashioned.
Xapo has customized security protocols to reduce the likelihood of theft through social engineering, phishing or brute force hacks, offering full insurance if these systems are compromised.
Xapo fiduciaries are protected by the company’s vault which uses private keys that never touch the client or the internet and are buried deep within geographically dispersed, heavily guarded locations with multi-signature technology for transaction signing.
The company will still maintain a small presence in Palo Alto, California to serve their U.S. customers best interests and to better address their issues, and looks forward to continue to serve its growing global customer base from a new global headquarters based in Switzerland.
