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Bitcoin Startup Xapo Sets $40 Million Fundraising Record

Xapo, a provider of secure online storage for bitcoins, said it doubled the amount of money it has raised from investors to $40 million, the most gathered by a startup focused on the virtual currency.

Greylock Partners and Index Ventures led the $20 million funding round, with additional investments by Emergence Capital Partners, PayPal Inc. co-founder Max Levchin, venture capitalist Yuri Milner, and Yahoo! Inc. co-founder Jerry Yang. The investors join earlier backers Benchmark, Fortress Investment Group LLC and Ribbit Capital. Greylock’s Reid Hoffman and Index’s Mike Volpi will join Xapo as board observers.