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Bitcoin wallet Xapo gets further VC-backing amid debit card launch plans

9 Jul 2014

Xapo Debit CardGreylock Partners and Index Ventures have led a $20m investment round for bitcoin wallet startup Xapo, which hopes to launch a debit card in the next few months.

The Series A-1 round doubles the amount of outside capital invested in Xapo following a $20m Series A in March.

That round included backing from Benchmark, Fortress Investment Group and Ribbit Capital, while more recent backing came from Emergence Capital Partners, PayPal co-founder Max Levchin and Yahoo! co-founder Jerry Yang.

Xapo founder and CEO Wences Casares said, “Throughout my career in consumer-focused financial technology, I have never experienced anything that has piqued the interest of the financial community – and my own – quite like bitcoin.

“I’m particularly impressed by how quickly the bitcoin ecosystem has started to evolve.

“It is clear that the industry is being led by a new generation of businesses, driven by experienced entrepreneurs focusing on security and usability and backed by world class venture capitalists like our investors.

“Let us keep in mind that it’s important not to be short-sighted when examining bitcoin.

“Today, bitcoin is used primarily as a store of value. Soon, it will be a payment mechanism. In the near future it will be a unit of account.

“We are thankful to be a part of the journey and the ecosystem.”

Last month California venture capital firm Redpoint Ventures led the first round of investing for Bitcoin security platform BitGo, helping the business to $12m.

Actor Ashton Kutcher & Guy Oseary’s A-Grade Investments were among new investors in BitGo, with the round also including Radar Partners, Founders Fund, Liberty City Ventures and Crypto Currency Partners.

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