The latest Bitcoin development just might revolutionize the popular cryptocurrency, fueling the largest cryptocurrency network.
Last week, a company known for offering a secure place for customers to safely store their bitcoins has expanded into new territory.
In the past, Xapo’s objective has been to build trust in the cryptocurrency industry by providing a secure vault, a place where users can store their bitcoins and be assured they are safe. After assembling a team of financial services and security experts, the tech company has designed a link between storage and usage.
According to Xapo, “By offering two distinct products – a free, easy-access Wallet and a fully-insured Vault – we’re marrying the convenience bitcoin users want for everyday needs with the security they require for confident bitcoin savings.”
Xapo Vault provides customers with “fully-insured storage for long-term savings, while the Xapo Wallet provides easy, immediate access for day-to-day purchases.”
In an interview with Techcrunch, founder and CEO of Xapo, Wence Casares, said most of their customers keep 90 percent of their bitcoin in the company’s vault, and the other 10 percent in their wallets. With the new link between storage and usage, customers can now have that 10 percent instantly transferred to cash.
One of the most attractive features about the Xapo Wallet is that it’s free. Transfers in or out to other Xapo wallet holders are also free.
Instead, vendors pay transaction fees, just like they would with a credit card purchase. While many are happy to see the vendor responsible for the fees, rather than the customer, others think vendors should also benefit from accepting Xapo Wallet.
“The thing that bums me out about the Xapo Debit Card is the merchant still doesn’t reap any of the benefits, correct? They’re still paying the high Credit Card fee?” wrote Reddit user Markateer.
Despite certain limitations, Xapo Wallet is fast, and pretty convenient, considering it can be used from anywhere in the world, granted there’s an Internet connection.
Signing up is pretty easy too. Simply go to www.xapo.com and click “Debit Card.” There you can enter in your email address and pre-order your card today. Orders should begin shipping in about two months. A digital card for online purchases is free, but users are required to pay a $15 fee in order to receive a physical card. Both possess a credit card number complete with an expiration date that can be used to make purchases online.
However, as expected with the early stages of any new technology, there are still inconveniences. One major hiccup is that you still can’t withdraw money from an ATM. Secondly, you can only use the Xapo Wallet with vendors who accept MasterCard.
In time, the new link between storage and usage is expected to become more convenient. Xapo CEO Casares says the new technology isn’t designed for bitcoin fanatics, but for average users like your grandma.
Through the combination of trust and accessibility, Xapo has built a company capable of providing a unique service of online and offline security.