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Xapo Partners with Thoughtworks to Scale from Bitcoin Vault to Global Bank
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
partnership
Rhea-AI Summary
Thoughtworks (TWKS) has been chosen by Xapo to help transform its Bitcoin storage services into a fully functional digital bank over the next 18 months. The collaboration aims to create a globally accessible bank, featuring an international USD account and regulated Bitcoin access. Thoughtworks will bolster Xapo's technology and operational capabilities while enhancing their product offerings such as debit cards and deposit protection. This partnership is expected to facilitate Xapo's rapid growth by refining its technology architecture and operational processes.
Positive
Partnership with Xapo to enhance digital banking capabilities.
Expansion of services to include debit cards and deposit protection.
Focus on technology architecture improvement to support rapid growth.
Negative
None.
Company with a mission to provide secure currency for the emerging markets selects Thoughtworks to establish the “foundations for growth.”
LONDON--(BUSINESS WIRE)--
Xapo, an industry leader in secure Bitcoin storage, has partnered with Thoughtworks (Nasdaq: TWKS), a global technology consultancy that integrates strategy, design and engineering, to drive digital innovation and its global expansion over the next 18 months.
The program will see Xapo become a globally accessible bank, offering an international USD bank account with regulated access to Bitcoin. With a VASP license in place, Xapo has engaged Thoughtworks to mature its offering from a wallet to a fully digital banking service offering debit cards, deposit protection, interest on your balances and more.
To ensure that this mission is underpinned by the foundations necessary to scale, Thoughtworks will engage with Xapo across product, technology and delivery. The foundations for growth engagement will strengthen Xapo’s technology architecture, enable rapid delivery of value to customers and streamline operations.
Crucial to this project will be the upskilling of the Xapo organization to enhance delivery capability and to evolve into a proactive organization at the forefront of financial services innovation.
Seamus Rocca, chief executive officer at Xapo, commented: “Xapo has been very successful as a Bitcoin custodian and that has allowed us to learn a lot about what customers in emerging markets need from our product. Our ambitious vision requires the ability to deliver a seamless customer experience leveraging the latest technology. We are delighted to partner with Thoughtworks, one of the world’s leaders in modern engineering methods, to help us put in place the foundations for growth by enabling us to deliver faster, sharpening our focus on customer needs and helping us to develop our engineering, product and delivery capabilities.”
Patrick Sarnacke, managing director at Thoughtworks UK added: “Xapo is at the forefront of one of the major forces in the financial world, with a bold vision to offer financial stability to the world’s fastest growing markets. We are thrilled to partner with Xapo as they look to expand, offering them a solid platform upon which to grow. As technologists, we are inspired by those who are unafraid to challenge boundaries, and who are able to drive real and positive change with effective solutions.”
This project is a great example of Thoughtworks working at the cutting edge with leaders in their field, shaping the future of an important development in financial services that will have long lasting effects.
Supporting Resources:
Keep up with Thoughtworks news by visiting the company’s website
Thoughtworks is a global technology consultancy that integrates strategy, design and engineering to drive digital innovation. We are 10,000+ people strong across 48 offices in 17 countries. Over the last 25+ years, we’ve delivered extraordinary impact together with our clients by helping them solve complex business problems with technology as the differentiator.
About Xapo
Xapo is an international fintech startup on a mission to protect and grow its clients’ life savings. We’re a fully distributed team that works remotely from 50+ countries around the world. Over the last 8 years we have been at the forefront of Bitcoin innovation and development and have adapted accordingly. We come from many different cultures and backgrounds, but we work hard, think globally, and inspire each other to grow every day. Our Talent is our most important asset and we work very hard to provide them with a workplace where they can grow.
