In a new blog post, Bitcoin company Xapo has revealed more about how they do security. Xapo has also revealed that they have passed a Service Organizational Control 2 (SOC2) financial audit by Burr, Pilger & Mayer LLP. The SOC2 financial audit is a component that many of Xapo’s institutional partners require.
Xapo’s CEO Wences Cesares told CryptoCoinsNews that Xapo’s new security measures are meant to assure Bitcoin users around the world that proper security methods do exist and are being practiced by Bitcoin companies. Speaking about security measures for the use of the fledgling protocol, Cesares said:
Bitcoin is still in its infancy, like the internet was before the browser. I think it is a night and day difference for the industry in just a year. I think this is a step forward.
Also read: Xapo Debit Card Exclusive Interview
Xapo “Deep” Cold Storage Methods
Xapo is also offering their Xapo Vault free of charge to customers. Each Xapo Vault account features their new multi-signature transaction standard which utilizes Xapo’s system of cold storage servers kept in Faraday cages that remain offline even while signing transactions (the right way to do cold storage). These cold storage servers are then stored in vaults which are in commissioned military bunkers located around the world in locations such as Switzerland. Xapo makes use of 3-of-5 multi-signature transactions.
Xapo Uses a Satellite
In addition to their terrestrial cold storage system, Xapo has revealed a partnership with Satellogic, a satellite company that offers real-time pictures of the world, to store key components of their security in a satellite. Xapo CEO Wences Cesares has emphasized that he believes that it is important that security features be “physically hard to access.”
Satellogic’s CEO Emiliano Kargieman told CCN:
Our focus at Satellogic has been to leverage the unique vantage point of our disruptive space technology to help improve processes and daily decision-making on Earth. As we build out our constellation of satellites and applications to deliver space-based information and high-resolution imaging data daily for oil and gas, agriculture and other industries, our partnership with Xapo allows us to showcase the integration of our satellite platform into mission-critical, daily processes in the financial industry, while we play a key role in helping the company develop the most secure storage service in the bitcoin space. This is the first time bitcoin security architecture will be protected using an orbiting satellite and we are excited to be a part of this unique project.
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