Introducing Xapo Deposit

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We’re pleased to announce Xapo Deposit - a new feature that allows you to acquire bitcoins via wire transfer directly from Xapo.

How it works

  1. Log into Xapo, click deposit and complete your deposit profile to receive your reference code
  2. Send a wire transfer in US Dollars or Euros to Xapo 
  3. We convert your funds into bitcoins and deposit them directly into your Xapo Wallet

With this new feature, Xapo offers you the ability to secure, transact and acquire bitcoins. In addition to having the security of a fully insured vault and the convenience of the world’s first bitcoin debit card, you can now easily obtain bitcoins directly from your Xapo account.

Read our FAQ’s for more information. 

Xapo Debit Card Fees and Shipping Update

Last week, we began shipping the Xapo Debit Card. We view the debit card as an important feature to offer our users and a fundamental step toward broader adoption of bitcoin. On Friday, we posted a debit card Fees & Limits Schedule to our website, which caused confusion among some of our user base, and we’d like to take a moment to give some additional context and updates to our debit card program.

The Fees & Limits Schedule we posted is from the existing third party program under which we are currently able to have the cards issued. Under that fee schedule, there is no activation fee, but there is a monthly service fee and other fees, including card replacement and foreign currency conversion.

When we announced the Xapo Debit Card a few months ago, we noted that there would be a one-time fee of US$15 in connection with ordering the card. That is still the case. Users who order the debit card will be charged US$15. This amount will be debited from your Xapo Wallet in bitcoins.

We do not, however, intend to charge monthly fees or fees for everyday spending. If our users are charged a monthly service fee, Xapo will reimburse that amount in bitcoins. So, if you use the Xapo Debit Card and are charged a monthly service fee by our third party provider, we will directly reimburse your Xapo Wallet.

You will also see that the Fees & Limits Schedule includes fees for using an ATM (including by the operator of the ATM machines). When we announced the card, we indicated that the card would not work at ATMs, so we didn’t address ATM fees. We have worked hard to make this functionality available for the Xapo Debit Card, but there are charges associated with ATM usage, similar to ATM fees currently associated with your bank-issued debit card.

There are also fees for special uses of the card — for example, replacing a card that was lost or for foreign currency conversion. Those customary fees would be charged to you as the user.

We have no intention to mislead users into joining the program. But we realize that we did create confusion - and for that we are sorry. If you’d like to cancel your Xapo Debit Card for any reason, simply follow these steps:

  1. If you haven’t ordered a card, do nothing. The program is only for those who order a card.
  2. If you have “pre-ordered” the debit card, it does not mean that you are participating in the program. To participate you must respond to the Xapo email we send inviting you to order a card and to submit your personal and shipping information. You can simply disregard that email.
  3. If you received the email inviting you to order a card, you completed that process, and you want to cancel the card, email us at support@xapo.com.

If you want to order a Xapo Debit Card, you can do so from your Xapo Wallet by clicking on the “Pre-Order Now” button. More details are here

One other important point: We have been advised that we cannot ship cards to the United States or India at this time. We were initially advised that these were approved markets. But after some initial invite emails were sent, we were notified that those markets had been reassessed, and that we cannot ship to them at this time. We will begin shipping to those two countries as soon as possible, and we will keep you notified of future developments. From time to time, there may be other countries to which, for regulatory reasons, we are unable to ship cards and we will keep you informed of the latest in our FAQ as this evolves.

We’re working diligently to bring Xapo Debit to as many markets as possible. As with any new product in any new market, there are unexpected bumps along the road. We truly appreciate your understanding as we sort through these details as quickly as possible. Your feedback, positive and negative, makes us better, and we appreciate it.

Ted Rogers
Chief Strategy Officer

Xapo Raises $20 Million Investment, Led by Greylock Partners and Index Ventures

Reid Hoffman and Mike Volpi join Matt Cohler as board observers

Today I’m excited to announce that 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.

In total, we have now raised $40 million. We are very optimistic about what this represents, not only for Xapo, but also for the bitcoin ecosystem as a whole.

Additionally, we are also excited to announce that 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. We look forward to working with them as we strive to bring bitcoin to consumers everywhere.  

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.   

Throughout my career in consumer-focused financial technology, I have never experienced anything that has piqued the interest of the financial community - and my own - quite like bitcoin.  I’m particularly impressed by how quickly the bitcoin ecosystem has started to evolve.  It is clear that the industry is being led by a new generation of businesses, driven by experienced entrepreneurs focusing on security and usability and backed by world class venture capitalists like our investors.

Let us keep in mind that it’s important not to be short-sighted when examining bitcoin. Today, bitcoin is used primarily as a store of value. Soon, it will be a payment mechanism. In the near future it will be a unit of account. We are thankful to be a part of the journey and the ecosystem.

Wences Casares
Xapo Founder and CEO

To stay up to date on the latest news from Xapo, visit our website at xapo.com, connect with us on Facebook and follow us on Twitter @xapo.

Announcing the Xapo Debit Card

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In the spirit of bringing bitcoin to the masses, we are proud to announce the Xapo Debit Card – the first bitcoin debit card that allows users to spend bitcoins just like cash all over the world, right from their Xapo Wallet.

Xapo Debit functions like a traditional debit card and is a big step forward in the development of the bitcoin infrastructure – for the first time, customers have the ability to use bitcoin at any online or offline merchant that accepts debit or credit cards.* This makes it easy for users to pay with bitcoins in real-time and makes it seamless for merchants to accept payment. After a customer makes a payment using bitcoin, the merchant will receive the funds in their local currency.

This is a major improvement to cards already on the market, which are effectively “prepaid” cards that require the customer to manually convert their bitcoin into their local currency before making a purchase.

The mission of Xapo is to provide a system that is both convenient and secure. We offer our fully-insured Vault with the security needed for confident bitcoin savings combined with our easy-access Wallet. The Xapo debit card provides users a new, simpler way to access bitcoins and use them for everyday transactions.

We continue to believe that for bitcoin to develop as a global payment network, it’s the responsibility of companies like Xapo to create the infrastructure and tools necessary to give people the experience and true advantages of bitcoin. Xapo Debit lets users make purchases in a way that is very similar to using a traditional debit card. And we’ve made it simple for customers to spend their bitcoins at millions of businesses around the world without a merchant needing to accept bitcoin. It’s convenient for users, and easy for merchants.

This is one of many innovations we are working on this year. Our goal at Xapo is simple – to expand upon the existing infrastructure of the bitcoin network and provide the public with the tools to take full advantage of bitcoin.

Beginning today, you can sign up for the Xapo Debit on xapo.com. We anticipate shipping the debit cards beginning in two months.

To stay up to date on the latest news from Xapo, visit our website at xapo.com and be sure to follow us on Twitter @xapo.

Wences Casares
Xapo Founder and CEO

 

*Xapo has relationships with banks in the US and Europe that issue and process the debit cards.  The payment network (Mastercard, Visa, etc.) that will be used by the Xapo debit card is not yet determined and will depend on the bank.  There is no relationship between Xapo and the payment network; rather there is a relationship between Xapo and the card-issuing banks.

Introducing Xapo

Over the past several years, Bitcoin has taken people on a wild ride. It has grown from the realm of early adopters who took a leap of faith on digital currency to become part of daily conversation amongst retailers, regulators, and consumers, among others. As it evolved, we recognized two key themes people continually asked the Bitcoin industry to address: trust and accessibility. That’s why we built Xapo – the industry’s first Bitcoin company to offer online and offline security, coupling a fully-insured cold storage vault with a convenient wallet.

By offering both a Bitcoin wallet and vault in one secure place, we’re marrying the ease-of-use Bitcoin users want for everyday needs with the security they require for confident Bitcoin savings.


Trusted, Secured and Insured

At Xapo, we understand that Bitcoin’s ultimate success will be based on trust – both in the currency itself and in the industry’s security and service providers. We’ve assembled a team of financial and security experts with a proven track record of building trusted financial products. Our team has been at the forefront of digital banking and has founded companies acquired by some of the world’s largest banks, and most recently created Lemon Wallet (acquired by LifeLock). With this combined expertise and experience, we’ve developed best-in-class Bitcoin storage with the Xapo Vault.

Xapo’s vault keeps your Bitcoin savings in total lockdown using layer after layer of proprietary security protocol, including man, machine, and even a mountain, to keep your bitcoins locked away in cold storage until you – and only you – want to access them. Think of it like a safe deposit box at your bank.

In the highly unlikely event that something does happen to your bitcoins in the Xapo Vault, and it wasn’t your fault, rest assured that they are fully insured, backed by Meridian Insurance. If any wrongdoing occurs that’s out of your control, we will fully refund your bitcoins.


Convenient, Everyday Access

While long-term, secure storage is an incredibly important part of using Bitcoin, we know that’s only part of the picture. Bitcoin is first and foremost a currency, and what good is that money if you can’t use it? That’s why we’re also offering an easy-to-use wallet for everyday access to the bitcoins you want to spend.

Unlike traditional digital wallets, Xapo Wallet has no fees, no delays, and no geographic limitations. That means you can move bitcoins when you want and where you want with the click of a button – whether it’s transferring money to family around the world, buying your cup of coffee at your local cafe, or paying the electrician.

And we’ve designed the process of transferring bitcoins between you vault and wallet to be simple and secure – as the industry’s first combined wallet and vault solution, Xapo is your trusted one-stop shop.


Building for the Future

We’re excited to bring Xapo to Bitcoin users and we welcome you to open your free account today. But we’re even more driven by what’s to come as Bitcoin adoption continues to grow. That’s why today we’re also announcing $20 million in Series A funding led by Benchmark, with Fortress Investment Group and Ribbit Capital. We’re proud to work alongside some of the best backers in the venture capital and financial industries. We envision a long and adventurous journey ahead and believe our new partners have strengthened our team and widened the opportunity for Bitcoin’s growth.

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. We’re thrilled to have partnered with industry-leading investors who share our belief and vision, and will help us make it a reality.


Wences Casares
Xapo Founder and CEO