Underground in the bunker is stored $ 10 billion in bitcoins

The servers of the Xapo (cryptocurrencey start-up), which are located in a specially equipped former military bunker in the Swiss mountains, is stored about 7% (the equivalent of $ 10 billion) of all the bitcoins that exist today.

The cryptocurrency start-up started its operations in 2014. Xapo decided to organize a cold storage of bitcoins in the Swiss mountains using a former military bunker dug in a granite mountain near the eastern shore of Lake Lucerne.

It was built in 1947, and throughout the “cold war” here was the secret office of the Swiss army. The walls inside the bunker are still hung with detailed maps and ancient radio electronics, which in the past served as military. The founder of Xapo is the Argentinean entrepreneur Wences Casares, and it is alleged that it was thanks to him that his first bitcoins were acquired by Microsoft CEO Bill Gates and co-founder LinkedIn Reed Hoffman.

Prior to that, the startup struggled to achieve justice when moving to the country from the US, but the regulators became an obstacle. The amount that is on servers that do not have an external network connection is kept secret, but Bloomberg informants reported that it is about $ 10 billion in bitcoins. Another source close to the company confirmed that this estimate is quite accurate.

Thus, Xapo stores about 7% of all existing today bitcoins. At the same time, the size of the deposits of the start-up, founded 4 years ago, exceeds the amounts that are in the accounts of 98% of US banks. “All those who do not store the keys themselves keep them in Xapo,” said Ryan Rudloff, CEO of CoinShares, who deposited about $ 500 million in a crypto currency in the bunker’s storage. “You will not force me to transfer them to the bank even for money.”

To get bitcoins from the repository, you need to spend two days. After identifying the customer and approving his request, the company manually signs transactions with private keys that are located in different locations of the bunker. Moreover, in order to pass through the identification it is impossible to use amputated hands, pulse sensors are provided in the fingerprint scanners.

“Whenever we want to make a major translation, they contact us using a videoconference, we use code words.” If the translation is large enough, they will come to check everything in person, each element of their structure is aimed at ensuring security, “said Founder First Block Sean Clark. Source: vestifinance.ru

View the full story

Leave a Reply

Notify of