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Coinbase is Latest Bitcoin Startup to Realize Security Sells

Jason Del Rey has been a business journalist for 15 years and has covered Amazon, Walmart, and the e-commerce industry for the last decade. He was a senior correspondent at Vox.

Young bitcoin companies Xapo and Circle have made security of their services a big part of pitching them to the public. Now Andreessen-Horowitz-backed Coinbase is doing the same. It is announcing a free bitcoin storage product, called a Vault, which in theory should be an added layer of security because it requires more time, and steps, to withdraw the digital currency. Users of the Vault can, for example, set up time-delayed withdrawals that take 48 hours, during which time Coinbase contacts the user through various communications channels to ensure the customer is the person withdrawing the bitcoin.

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