Satoshi Nakamoto, the pseudonymous developer of Bitcoin, published the system’s whitepaper in 2008, bluntly criticising financial institutions and the confidence they demand. However, in 2010, one of the most notable Bitcoin collaborators in its early days and the recipient of the first Bitcoin transaction in history, cypherpunk and cryptography specialist Hal Finney, predicted the existence of bitcoin banks. Today, bitcoin-native banks such as Xapo Bank exist in this grey area between the ethos and the potential deployment of this system across the global financial sector.
Finney claims that Xapo Bank, which was founded in 2013, is among the leaders in the custodial space of Bitcoin. Wences Casares, an Argentinean entrepreneur and innovator who is well-known in Silicon Valley for his support of this technology, developed it as a solution for his friends and family. However, it expanded significantly. Currently, it is one of the few fully licensed banks in the world that deals with Bitcoin and other digital assets.
Its business idea combines cutting-edge Bitcoin technology with a physical bunker in the Swiss highlands. This physical location blends old-fashioned Swiss standards with the latest safety technology. It’s an atomic bunker that serves as the foundation of what Xapo provides its clients: high-qual
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.
This article has been indexed from CySecurity News – Latest Information Security and Hacking Incidents
Read the original article: