XeroBank has developed into quite an impressive company. I look at Xerobank and something about their business model I find compelling. The company started with TorPark, a freely distributed anonymous browsing package developed by a US citizen (Steve Topletz) who was motivated in part by his concern for Chinese civil liberties . Now they employ ethics advisors, marketing & communication directors, project managers, etc.. operate in three markets and at least on paper seem to have a respectable company. Their products with their multiple hops and countermeasures to advanced traffic analysis and all this other techno babble appear to be (at least to this novice) more technologically advanced than any other company which operates in this market. No doubt, this is not something little Timmy can setup from his mothers basement it would require a considerable capital outlay to get Xero Networks off the ground. About 7-8 years ago I came across a well articulated post on USENET by someone who really came off as knowledgeable regarding the business of anonymity. Unfortunately, I can not remember the exact wording because it was so long ago but he provided some very insightful information about Anonymizer.com and its founding in particular the fact that it had (in its embryonic stages) been contracted by the DOD where it received early capital injections that later allowed it to develop into a respectable company. I was a premium member of this service so I did confront a representative regarding the claims made on usenet. They did not deny it and went so far as to say "you do your homework". In that same conversation I remember requesting them to cancel my service and refund in which they obliged because I was concerned about the conflict of interest. Since Xero Networks AG is incorporated in Panama where corporate disclosure requirements are nearly non-existent finding any information about the company is difficult. I know that their business model is not viable and its hard to imagine them generating a profitable revenue stream based on the services they publicly offer. Who are these angel investors? I think if Xero Networks AG was committed to its promise of upholding the highest standards of independence and integrity it would behoove them in the interest of transparency to disclose who are their financial stakeholders (past & present). Countless companies received private equity investment from government linked sources and that does not mean you can not maintain your independence but depending on how that information is disclosed could have a significant bearing on your reputation. I hope you choose to be upfront.