Hear
The event occurred a couple of years ago: a Swiss businessman living in San Francisco who owned the equivalent of 250 million dollars in bitcoins One day he lost the paper on which he wrote down the keys to access this asset stored on an IronKey, an encrypted disk. Nerves, hackers who willingly offered his help, and the work of several experts were part of a saga for which, as far as is known, no definitive solution has yet been found.
Until recently, the security mechanisms to protect these digital assets were quite limited. To protect themselves from possible online hacks or theft (which alone generated losses of $1.7 billion in 2023), many companies and users resort to disconnect your crypto assets from the network and store them “cold” (offline), saving the access keys on a small encrypted disk or on a piece of paper. But this way of storing them is not without risks: if these access keys are forgotten, lost, or stolen, as happened to the Swiss, the owners also lose access to their crypto.
More than ever it becomes necessary safeguard these assets professionally. That is why Prosegur Crypto, the institutional digital asset custody service of Prosegur Cash, progress is made in Argentina in the construction of a cold custody vault for crypto assets similar to those that have already operated in Spain since 2021 and in Brazil since 2023.
The company will offer the service to financial entities – as soon as banks and fintechs are allowed to operate crypto transactions again – so that they can provide their clients with the safest cold custody service on the market.
“To the extent that the operation with cryptoassets grows in the country in the institutional and corporate sphere, driven by the implementation of regulatory frameworks, the crypto bunker is presented as a perfect combination of physical security and digital protection for financial institutions that wish to provide digital asset custody services to its clients,” he highlighted. José Angel FernandezExecutive Chairman of Prosegur Crypto and corporate director of innovation at Prosegur Cash.
Prosegur Crypto is today the safest and most advanced cryptoasset custody solution for the institutional market. “We combine the 40 years of experience of Prosegur physical security with the most cutting-edge cybersecurity technology in a single comprehensive solution,” they say from the company.
There is no other model like it in the world: Prosegur Crypto is the only digital asset custody platform that never connects to the internet thanks to a patented encryption model. The combination of this encryption with the company’s physical security protocols is precisely what gives rise to this cutting-edge solution.
The vault for crypto assets, Also called “bunker” due to its very high level of securityis based on patented cold storage technologies: a solution that guarantees levels of security, reliability and availability of high-value digital assets.
These are stored entirely in cold wallets, keeping the clients’ private keys offline, without an internet connection, while The bunker has more than a hundred protection measures distributed in six layers of security in the chain of custody of digital assets.
The goal is that client assets are not used or moved for any purpose other than custody. Naturally, the custody system also has technological mechanisms to quickly make assets available to clients in an automatic and secure manner.
“As soon as banks and other entities are authorized to offer cryptocurrency purchase and sale services to their clients, we believe that the adoption of these assets will grow even more rapidly, due to the support that these companies have and the number of clients present in their portfolios,” explained Raúl Reynoso, general director of Prosegur Cash Argentina. And he concluded: “that is why we are prepared to offer this cold custody service for crypto assets, with the same security guarantee with which we have offered securities custody in Argentina for more than 40 years.”
Learn more at: https://www.prosegurcrypto.com/prosegur-crypto.html
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