Xapo, which is billed as being the world’s most secure Bitcoin wallet, now incorporates support for the SegWit protocol upgrade, implemented to improve Bitcoin by eliminating two of its biggest problems – scaleability and malleability.
What Is SegWit?
Segregated Witness, or SegWit for short, was introduced in late 2017 and changes the way that data is handled in transactions. Witness data is separated from transaction details and added to the end of the block. The end result for the user is that of cheaper and quicker crypto transactions.
In order to send and receive SegWit payments, users need a SegWit enabled crypto wallet. Services like Coinbase, as well as a selection of cold and hot wallets already offer this functionality, but considering Xapo holds around 7% of all Bitcoin in its ultra secure vaults, it is a major step towards mass adoption of the Segwit protocol.
Xapo – Serious About Security
Xapo has a network of underground Bitcoin storage servers, all of which are offline and secure. It has even been reported that they use a decommissioned military bunker, and the company was recently granted permission by the Swiss Financial Market Supervisory Authority to trade in the region.
Xapo President, Ted Rogers, tweeted “Happy to say that Xapo has implemented Segwit. Onward!”
Xapo started 4 years ago, when CEO Wences built a vault to store his own Bitcoin, having found existing storage solutions to be lacking. Since then, Xapo has extended its network of servers massively. According to their website, Xapo vaults are not only completely disconnected from the Internet, but they are located behind blast doors and inside radio-wave blocking Faraday cages.
SegWit Enabled Wallets
SegWit support will benefit Xapo’s customers, which includes institutional investors as well as massive Bitcoin investors. Other wallets offering Segwit support include the Ledger Nano S and Trezor hardware wallets, Bitcoin Core and mSigna desktop wallets, and the Electrum and GreenBits mobile wallets. Check out our guide to Cryptocurrency Wallets for more details.