Updated: Apr 29, 2020
Spanning five continents lies an underground array of unconnected and encrypted computer servers that store cryptocurrency keys to unlock an immense fortune. Entrepreneurs such as Wences Casares, CEO of Xapo, have convinced large holders of cryptocurrency that he offers the optimal resource for the safe and secure storage of bitcoin and other cryptocurrencies.
Casares network of ultra-secure vaults are built in the Swiss Alps and leverages the use of a decommissioned Swiss military bunker. Xapo claims to have assets valued at approximately $5.5 billion (700k bitcoin) under custody. As of this writing, Coinbase is positioning itself to acquire Xapo for a reported $50 million-plus earn-out. Fidelity Digital Assets is also making a bid for Xapo.
These underground military bunker-like crypto-lockups are pitched at the latest state-of-the-art cold storage solution for cryptocurrency assets. On May 9, 2018, Bloomberg reported these storage facilities are heavily guarded, secured with reinforced concrete and blast doors.
Even if penetrated, the claim is sophisticated fingerprint scanner technology would be able to identify the intruders and block the use of an amputated hand to be used as an access ruse. It sounds like the perfect caper for George Clooney, Brad Pitt, and Matt Damon of the “Oceans “ heist film franchise. Any screenwriters out there? I’m stocking up on popcorn.