Grayscale Investments LLC, a wholly-owned subsidiary of Digital Currency Group, Inc.  has appointed Xapo, Inc. as Custodian for the Bitcoin Investment Trust assets.

The partnership between Grayscale and Xapo aims to guarantee the asset safety, says the press release published on PR Newswire. Barry Silbert, CEO of Digital Currency Group and founder of the Bitcoin Investment Trust, declared:

“As the Bitcoin Investment Trust continues to grow its assets under management and provide the global investment community with a familiar and transparent structure to gain bitcoin exposure, we are excited to partner with Xapo.  As a leader in the bitcoin vaulting and storage space, Xapo joins the ranks of the Bitcoin Investment Trust's other leading service providers.”

Wences Casares, CEO of Xapo, also seemed happy about the deal:

“We feel pleased that a team as knowledgeable as Digital Currency Group and Grayscale chose Xapo as Custodian for the Bitcoin Investment Trust.  Moreover, Xapo is excited to work on such a groundbreaking project: the BIT will have a large, positive impact on the future of both bitcoin and the investment community.”

As CoinFox wrote before, in March 2015, Bitcoin Investment Trust (BIT) got the approval of the U.S. Financial Industry Regulatory Authority to create a first publicly traded bitcoin fund on the American market. In June, the trade has started on the OTC Markets, with one share representing ownership of approximately 0.1 bitcoin. It was an event long awaited by the whole bitcoin community. Immediately after the start of the trade, the share price went up to $175. Currently, according to OTC Markets, the price is $29.91, just a little bit above the current price for 0.1 BTC.

Xapo is a bitcoin wallet provider and a bitcoin storage company renowned for its security. As CoinFox wrote in January, Xapo is going to store its keys in deep underground bunkers in mountainous regions as well as in space. It also offers its clients a full insurance for all the bitcoins they have in their accounts.


Alexey Tereshchenko