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The space will serve as a digital asset management point for clients in Brazil and Latin America.

The Prosegur, a company specializing in the logistics of transporting and storing valuables, announced this week the launch of a "bunker" to store physical cryptocurrency wallets. The operation will be headquartered in the city of São Paulo and is the first of its kind in Brazil and Latin America.

Named "cryptobunker," this storage solution was launched by Prosegur in 2021 in Spain, consolidating wallets from various clients across Europe. Now, this innovation arrives in Brazil and is expected to have continental coverage, also receiving wallets from clients in other Latin American countries.

The custody of these cryptocurrency wallets is managed by Prosegur Crypto, a subsidiary of the company dedicated to the crypto world. The company states that the bunker is a response to "the needs of the crypto asset market, which has been growing exponentially with the creation of new digital currencies."

"In Brazil, for example, the Drex - the Central Bank's digital currency project, promises to revolutionize the financial and commercial landscape, and the company has been preparing to meet this demand," the announcement about the bunker's launch emphasizes. In addition, Prosegur states that it aims to "support new forms of payment through digital currencies."

Crypto Advancement in Brazil José Ángel Fernández Freire, Corporate Director of Innovation at Prosegur Cash and CEO of Prosegur Crypto, explains that the company is "expanding our services in response to a market that is transforming."

"For financial institutions, with a special focus on banks, a wide window of opportunity is opening up in the field of digital asset custody, and we feel very confident in offering a solution that is based on the same excellence and know-how as our traditional custody service, adapted for the digital world," the executive explains.

The company's current goal is for the Brazilian bunker to hold 50% of the entire Prosegur global operation involving crypto assets. The company also emphasized that the crypto market has been growing among institutional investors, which will require adaptations to serve this audience.

"In Brazil, we will adopt a complete security and custody system that combines infrastructure, installation, state-of-the-art technologies, and protocols to minimize all identified risk areas in the digital asset custody chain. We know that trust and security become valuable assets in the cryptocurrency sector," comments Fernandez.

The bunker will concentrate the storage of so-called cold wallets, which are physical cryptocurrency wallets that typically hold assets that will remain inactive for extended periods. According to Prosegur, the bunker will have 24/7 monitoring from two security centers.

The expectation is that the full operation of the bunker in Brazil will begin in December 2023.