Since founding Coinsetter in 2012, one of our guiding principles has been to create a company that you can trust–but don’t have to trust–in order to know you’re financially safe. As part of our commitment to provide you with additional enterprise security over your bitcoins, we are happy to announce that approximately 50% of Coinsetter’s customer bitcoins are now held in Xapo’s insured enterprise bitcoin vault. Xapo is a Palo Alto, California-based company that provides enterprise bitcoin wallet solutions backed by venture capital firms Benchmark, Fortress Investment Group and Ribbit Capital. On top of the enhanced bitcoin security you receive from Xapo’s geographically-diversified cold storage methods, the funds we hold in Xapo’s Vault on your behalf are fully-insured against attacks from hackers, theft and other external risk factors. We are currently providing this insurance to Coinsetter customers free of charge, and all trading accounts benefit from this added protection.
This offering represents the first insurance protection publicly available on a bitcoin exchange. Through our integration of Xapo’s Vault into Coinsetter’s broader cold storage protection system, you can have comfort that your bitcoins are not just being secured with industry-leading enterprise cold storage, but that there is a responsible party insuring your assets as a supplementary backup. We will continue to target 50% insurance coverage with Xapo as we grow, and we believe our bitcoin insurance protection is just another way we are making Coinsetter your reliable bitcoin fortress.
In addition to Xapo Vault protection, we also recently introduced LaunchKey for Coinsetter, which allows you to protect your account through enterprise multi-factor account authentication. Read more about our enterprise multi-factor authentication for bitcoin solution here.