Prosegur to Build Crypto Custody Bunker in Brazil
Spain-based security company Prosegur has announced plans to construct a secure bunker in Sao Paolo, Brazil, offering custody services for institutional crypto users. The bunker will be monitored around the clock and will incorporate various defensive measures to protect against potential attacks.
Protective Measures of the Bunker
The executive president of Prosegur Crypto, Jose Angel Fernandez Freire, provided details about the security measures that will be implemented in the bunker. The facility will be equipped with six security cameras located in two separate surveillance centers. In the event of an invasion, a fog generator will fill the space within 30 seconds, effectively trapping any attackers.
Bunker Structure and Services
The bunker is described as a room without an internet connection, housing a suitcase that will only be accessed by authorized personnel during armed transport. This will be Prosegur’s second facility, with the first one located in Madrid. The company primarily offers a secure environment for institutions to safeguard their digital assets, such as bitcoin and other cryptocurrencies. However, they also plan to provide custody services for tokenized real-world assets in the future.
Regulation and Future Plans
Prosegur sees Brazil as an ideal location for this project due to the country’s existing regulations for digital assets. According to Freire, these regulations and legal security enable financial entities to tokenize assets. The company’s target customers are businesses and institutions looking to protect their assets, emphasizing their business-to-business (B2B) model. They maintain strict asset segregation and do not engage with individual end clients.
In addition to Brazil, Prosegur aims to expand into other countries with advanced regulations, such as Chile. They plan to build two more bunkers by the end of 2024, but the locations have not been disclosed.
Hot Take: Prosegur Enhances Crypto Security with Brazilian Bunker
Prosegur’s decision to build a crypto custody bunker in Brazil demonstrates their commitment to providing secure storage solutions for institutional investors. By implementing advanced security measures and leveraging the country’s regulatory framework, Prosegur aims to attract businesses and institutions seeking reliable asset protection. This move also positions Prosegur as a key player in the Latin American market, with plans to expand further across the region. As the demand for crypto custody services continues to grow, Prosegur’s expertise in safeguarding digital assets will likely position them as a trusted provider in the industry.
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