Xapo Chosen as Custodian for Bitcoin Investment Trust Assets

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 wallet and service provider Xapo has been chosen as the custodian over the assets held by Bitcoin Investment Trust (BIT).

BIT, managed by Grayscale Investments LLC, a subsidiary of Barry Silbert's Digital Currency Group, became the first publicly traded bitcoin investment vehicle when it launched in May. Each share represents one tenth of a bitcoin. Shares have been trading at a premium to the true price of bitcoin, possibly a result of initially high demand or a perceived higher level of protection than when holding the actual bitcoins themselves. However, the shares have since gravitated toward fair value.

The milestone comes at a time of Xapo's embroilment in a legal dispute with LifeLock, a provider of digital identity theft protection solutions. LifeLock alleges that Xapo's CEO Wences Casares and several other members of his team illegally used intellectual property to found their Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term.

In entrusting all of its holdings with Xapo, BIT appears to be affirming its faith in the startup's long-term sustainability.

Silbert said BIT continues to grow its assets and has sought the services of Xapo to join "the ranks of the Bitcoin Investment Trust's other leading service providers." He said Xapo is "a leader in the bitcoin vaulting and storage space."