Digital Assets: Prosegur Launches Bunker-Like Custody Solution For Crypto

June 3, 2021 | Digital Assets, News

Prosegur is a Spanish security company. In November it had floated a digital asset custody solution called Prosegur Crypto.

Spanish security company Prosegur has taken its digital asset custody solution to a whole new level. To ensure that its institutional clients sleep well, Prosegur has ensured Fort Knox-like security for their digital assets. It announced June 1 the launch of its first “bunker” for maximum-security digital custody of cryptocurrencies. (Expansion)

Physical bunker

noting that more than $ 1.9 billion was lost hacks, theft, and fraud in 2020, Prosegur is taking no chances with the custody of digital assets it has been made responsible for. It has earmarked a physical location for their custody which includes more than 100 security measures. It is a military-grade protection environment and secured with biometric access and closed-circuit cameras. Furthermore, it is completely segregated from the external environment and has no Internet connection.

Raimundo Castilla, CEO of Prosegur Crypto said the company took these extreme measures because the crypto asset sector suffers many vulnerabilities and needs strong security. The company serves more than 20 financial entities across the globe and therefore ensures the maximum possible cybersecurity measures and inaccessibility of the storage location.

For this purpose, Prosegur is collaborating with Israeli cybersecurity company GK8 – an organization founded by several veterans from Israel’s secret services and its crypto sector. It includes a General of the Israeli Armed Forces – a former head of the Cybersecurity Intelligence unit.

Inside the bunker is the Hardware Security Module (HSM) – a device that generates, stores, and protects cryptographic or passwords.

These passwords are safely stowed inside a briefcase. These would be accessible to only a very limited number of executives in the event it is required to conduct a completely manual mode of transactions.

Each worker has only restricted access to these passwords and operates out of a secure zone that is protected from physical attack, theft, or copying.

Related Story:  Israeli CyberSecurity Firm GK8 Dares Hackers With $250K Bounty

Image credit: Prosegur                                                  

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