Prosegur, a Spain-based security company, will build a secure bunker to offer custody services for institutional crypto users in Brazil. The bunker, to be located in Sao Paolo, will be monitored 24 hours a day and will apply various defensive measures in case of an invasion by attackers.
Prosegur to Build Crypto Custody Bunker in Brazil
Prosegur, a security and custody company, announced that it will build a crypto-secure bunker to provide custody services in Brazil. The Sao Paolo bunker will implement security measures to prevent attackers from accessing the safeguarded resources.
Jose Angel Fernandez Freire, executive president of Prosegur Crypto, detailed the protective measures that its bunker embeds. The facility will be watched by six security cameras in two different surveillance centers, incorporating a fog generator that will fill the space of the crypto bunker in less than 30 seconds in case of invasion, leaving potential attackers trapped.
On how the bunker is structured, Freire explained:
It is a room with a suitcase without an internet connection and which will only have armed transport carried out by authorized people.
This facility will be the second one that Prosegur manages, having built the first one in Madrid, which also offers a secure environment for institutions to safeguard their digital assets, mainly bitcoin and other cryptocurrencies. Nonetheless, the company expects to provide custody for tokenized real-world assets (RWA) once this technology takes off.
Regulation and Future
For Prosegur, one of the advantages of building this kind of project in Brazil is the set of regulations that the country has in place for digital assets. Freire stressed that the combination of regulation and legal security allows financial entities to tokenize assets.
Freire explained that Prosegur’s customers would be other businesses and institutions that want to protect their assets, disclosing its B2B (business-to-business) model.
He clarified that the company does not deal with end users, declaring:
Our focus is legal entities. We do not meet with the individual end client and we practice total asset segregation, ensuring that we do not do anything with the assets we hold.
Furthermore, Prosegur hopes to use this facility as its front door to Latam and target other countries with advanced regulations, like Chile. The company hopes to build two more bunkers by the end of 2024 but did not disclose their possible locations.
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