Last updated on October 21st, 2016 at 04:32 pm
Xapo has raised $20 million in Series A-1 funding. This round of funding was led by Greylock Partners and Index Ventures, with additional investments by Emergence Capital Partners, Max Levchin, co-founder of PayPal, Internet investor Yuri Milner, and Jerry Yang, founding partner of AME Cloud Ventures and co-founder of Yahoo!. These investors join earlier backers Benchmark, Fortress Investment Group, and Ribbit Capital who invested $20 million in Series A funding in March.
Reid Hoffman and Mike Volpi will be joining Matt Cohler as Xapo’s board observers. Both Reid and Mike have a proven history of recognizing emerging technologies before they reach the masses and both have ushered innovations from ideation to implementation to widespread adoption.
The CEO Wences Casares said, “Looking ahead, we will continue to invest the funds in building our team and our suite of services. We are committed to developing the framework that allow bitcoins to be used by consumers in their everyday lives while also continuing to offer highly secure bitcoin storage for Wall Street funds, exchanges, and financial institutions handling bitcoins.”
Xapo provides bitcoin wallets, vaults, and soon will be shipping the first Bitcoin debit card to consumers.