About $10 billion in bitcoins are stored in a secret bitcoin bunker

Photo: Joon Ian Wong/Quartz

$10 Billion in bitcoins are stored in secret on the servers of the Xapo cryptocurrency start-up located in a specially equipped secret bitcoin bunker, which is about 7% of all currently existing bitcoins. Meanwhile, the size of the startup deposits exceeds the amounts that are on the accounts of 98% of US banks.

According to the CEO of CoinShares, Ryan Radloff, who deposited about $500 million in cryptocurrency for safekeeping in the bunker, advanced electronic protections allow Xapo to safely store all private cryptographic keys of customers.

“You will not force me to transfer my deposit to the bank even for money.”, added Radloff.

Cold storage of bitcoins is located in a former military bunker in the mountains of Switzerland.

Getting bitcoins from there takes about two days. First, the company identifies the client and approves his request, and then manually signs transactions with private keys located at different points in the bunker.

Photo: Joon Ian Wong/Quartz

In addition, fingerprint scanners in the repository are equipped with heart rate sensors to exclude the possibility of using amputated hands.

“Every time we want to make a major translation, they contact us using a video conference, we use code words. If the translation is large enough, they will fly to check everything in person. Each element of their structure is aimed at ensuring security, “said First Block Capital founder and CEO, Sean Clark.