NEW YORK, Aug. 10, 2015 /PRNewswire/ -- Grayscale Investments LLC, a wholly-owned subsidiary of Digital Currency Group, Inc. has appointed Xapo Inc. as Custodian for the Bitcoin Investment Trust's (OTCQX: GBTC) assets. A pioneer in digital currency investing, the BIT is an open-ended trust solely invested in and deriving value from the price of bitcoin.
"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," said Barry Silbert, CEO of Digital Currency Group and Creator of the Bitcoin Investment Trust.
Originally launched in September 2013, eligible shares of the Bitcoin Investment Trust became the first publicly-quoted bitcoin investment securities, debuting on OTC Markets' Best Marketplace, OTCQX, in early May 2015.
"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," said Wences Casares, Founder and CEO of Xapo.
For further inquiries regarding the Bitcoin Investment Trust, please contact the Grayscale team via e-mail at email@example.com.
Founded in 2013, Grayscale is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds, incubates and seeds bitcoin and blockchain technology-related companies.
The trusted authority on digital currency investing, Grayscale provides unparalleled market insight and investment exposure to the developing digital currency asset class. The first in Grayscale's line of investment products, the BIT provides access to the investment opportunity of bitcoin securely and seamlessly. The BIT's shares are the first publicly quoted securities (ticker: GBTC) solely invested in and deriving value from the price of bitcoin.
Grayscale is headquartered in New York City. – www.grayscale.co
Xapo provides an easy to use bitcoin wallet combined with a deep cold storage vault. Bitcoin stored in the Xapo Vault reside on multisignature address, the private keys for which are protected by intense cryptographic, physical and process security.
Xapo was founded in 2014 and has raised $41 million from Benchmark, Greylock Partners, Fortress Investment Group and other premier investors. Its Advisory Board includes Former Treasury Secretary Larry Summers, John Reed, former Chairman of Citibank and Dee Hock, the founder of Visa.
Xapo Inc., is a Delaware company with offices in Woodside, CA, and serves customers in the United States. Its affiliate, Xapo Limited, serves customers globally outside the United States. – www.xapo.com
SOURCE Grayscale Investments LLC