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Crypto custodial solution Xapo is likely to be acquired for $50m plus an earn-out by Coinbase - the company is reported to have nearly $5.5b in assets, or 700k bitcoin, under custody.
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Xapo’s set of top-tier backers included top Silicon Valley VC firms such as Greylock Partners and Index Ventures as well as crypto investment firms Digital Currency Group, Winklevoss Capital and Blockchain Capital. Individuals including Max Levchin and David Marcus, currently head of Facebook’s cryptocurrency initiative, are also investors.
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