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In a strategic move on January 24, 2024, Brink’s, the venerable 164-year-old cash-handling firm, entered the cryptocurrency realm through a significant investment in BitGo, a specialist in crypto custody. The details of the financial arrangement remain undisclosed.
Investing Diversified
BitGo’s Vice President, Baylor Myers, emphasized the significance of Brink’s outreach as the digital tokenization of assets gains momentum. While institutions like BlackRock have shown increasing trajectory, securing logistics and backup mechanisms becomes essential. Brink’s, renowned for its global secure logistics network, is poised to be crucial in addressing this requirement.
This isn’t Brink’s first investment into the digital asset market. Brinks has previously collaborated with Swiss crypto custody firm Metaco in 2022 and continues to diversify its portfolio by investing in BitGo. The partnership aligns well with BitGo’s global aspirations, especially in regions like Asia Pacific and EMEA, leveraging Brink’s secure locations and expertise.
MAS Approval for BitGo
On January 10, 2024, BitGo secured an in-principle approval from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), for a Major Payment Institution (MPI) license. This paves the way for BitGo to offer digital payment token services in Singapore while awaiting the entire permit. MPI-licensed entities enjoy exemptions from transaction limits and can conduct payment services without restrictions.
Expressing excitement about the BitGo investment, Paul Diemer, Brink’s Senior VP of Strategy and Corporate Development, highlighted that combining their strong brands would ensure BitGo’s growing client base. This move signals Brink’s commitment to growing within the evolving digital asset industry.
In conclusion, Brink’s strategic investment in BitGo not only marks its diversified expansion into the digital assets industry