Spain-based security firm Prosegur has announced its plans to build a secure bunker in Sao Paolo, Brazil, aimed at offering custody services for institutional cryptocurrency holders. This initiative reflects a growing need for enhanced security measures within the rapidly evolving cryptocurrency sector.
As institutional interest in cryptocurrencies continues to surge, the initiative signals a crucial step towards bolstering the integrity and security of digital wealth management, positioning Prosegur as a significant player in this emerging market.
Jose Angel Fernandez Freire, the Executive President of Prosegur Crypto, provided insight into the stringent security protocols that will be in place at the facility. The bunker will be under constant surveillance with six security cameras, which will be monitored from two separate centers. A unique defensive feature includes a fog generator capable of filling the space in less than 30 seconds during an intrusion attempt, effectively hindering potential attackers.
The bunker structure is designed to minimize risks associated with digital assets. “It is a room with a suitcase without an internet connection and will only have armed transport carried out by authorized people,” Freire explained. This design is a proactive measure against internet-based threats, ensuring the safekeeping of digital assets within the facility.
This venture is not the first for Prosegur; the company has previously established a similar secure environment in Madrid, Spain. The Sao Paolo bunker, besides safeguarding cryptocurrencies, is also anticipated to provide custody services for tokenized real-world assets (RWA) once the technology matures.
One of the significant advantages of launching this project in Brazil is the existing regulatory framework around digital assets. Freire emphasized that the regulatory and legal environment in Brazil supports financial institutions interested in tokenizing assets. It showcases a progressive step towards merging traditional financial systems with the rapidly growing decentralized finance (DeFi) space.
Prosegur wants to expand its services to businesses and institutions, highlighting its B2B (business-to-business) model. Their main focus is on serving legal entities, and they take special care to separate assets completely to ensure the highest levels of security and compliance.
Moreover, Prosegur is looking to expand its presence and sees this facility as a key entry point into Latin America. They are specifically focusing on countries with well-established regulations regarding digital assets, such as Chile.
Additionally, the company has a goal to construct two more secure facilities by the end of 2024, although the exact locations have not been revealed yet. This expansion plan highlights Prosegur's determination to strengthen the security of crypto asset custody, creating a safer environment for institutional crypto holders.
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