Xapo
Xapo is a Bitcoin company in the Custody category, founded in 2013 by Wences Casares.
The Idea
Ultra-secure Bitcoin custody, stored inside a decommissioned Cold War Swiss military bunker dug hundreds of meters into a granite mountain in the Alps. Casares built it because he couldn't find a safe way to store his own BTC. Friends and financial institutions soon asked if they could use his vault.
Early Traction
The Swiss mountain vault story was legendary. Casares personally evangelized Bitcoin to Silicon Valley's elite, reportedly convincing Bill Gates, Reid Hoffman, and others to buy Bitcoin.
Peak Stats
At one point, Xapo reportedly held more Bitcoin than any single entity other than Satoshi, on the order of 7% of the circulating supply, worth roughly $10B at the time.
Status Today
In 2019, Casares sold the custody business to Coinbase for $55M. Xapo pivoted to become Xapo Bank - a licensed bank in Gibraltar that pays interest on both cash and Bitcoin with a $150/year fee.
Why It Matters
Casares was the most important evangelist for Bitcoin among Silicon Valley's power players. Xapo's custody business, acquired by Coinbase, became foundational infrastructure for institutional Bitcoin.