Former Lemon-Wallet founder secured $20 million in investments for Bitcoin "Fort Knox"

Former Lemon founder Wences Casares, has secured $20 million in series A funding to develop a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term wallet.

Casares has received funding from Benchmark, Fortress Investment Group, and Ribbit Capital. According to Casares, intentions are to create the “Fort Knox” of the Bitcoin world. The wallet, named Xapo, uses multiple layers of security protocols to keep the accounts and funds secure. Xapo is also insured against loses by Meridien Insurance.

Xapo stores accounts on a non-internet connected computer with encrypted data backs ups spread across multiple hard drives and paper wallets, and are physically stored in vaults in geographically dispersed locations.

"Think of it like a safe deposit box at your bank. When I first learned of Bitcoin, I immediately saw the promise and utility of the currency and platform. I grew up in Argentina, where at times the economy experienced 12,000% annual inflation. I believe that a digital currency like bitcoin could solve the disjointed nature of our world economy," says Casares.

Xapo is intended to be a one-stop-shop for Bitcoin users offering wallets and vault services. Users interested in Xapo’s vault services will need to pay an annual fee of 0.12% for each deposit made.

I would seem after recent events of large amounts of Bitcoin being compromised, serious investors in the cryptocurrency would be interested in such a service.

Casares recently sold his previous endeavor, Lemon, to LifeLock for $42 million.

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