Coinbase, one of the biggest names in the cryptocurrency industry, recently acquired Xapo.
According to a report by Finance Magnates, Coinbase succeeded in acquiring Xapo for a fee of $ 55 million after several meetings.
Coinbase has taken a very critical step by acquiring Xapo. Because the company has strengthened its role in the crypto money sector thanks to Xapo, a trusted platform.
According to sources like The Block, Xapo is one of the most important platforms of the cryptocurrency industry. Because it is thought that there are more than 700 thousand Bitcoins ( estimated value is more than 7 billion dollars) in total.
Coinbase, who acquired Xapo, was also responsible for these cryptocurrencies. The company also secured about 5 percent of the circulation Bitcoin supply.
Management Has Not Changed
Even if Coinbase bought Xapo, it doesn’t seem to interfere with Xapo’s inner workings.
According to various sources, Xapo’s safe boxes in the Swiss Alps will still be under Xapo management. It is also said that the company’s CEO will remain unchanged and Wences Casares will continue to assume this role.