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- Prosegur Cash opens Argentina’s first crypto custody bunker, enhancing security for corporate crypto assets with offline storage.
- The facility utilizes technology designed by former Israeli secret service agents, akin to missile defense systems.
Prosegur Cash, a Spanish firm specializing in cash transport and custody, recently inaugurated Argentina’s first cryptocurrency storage bunker through its Prosegur Crypto division. This information was disclosed by Fernando Geijo, Global Director of Communication, on the social media platform X.
The new facility was opened following authorization from the National Securities Commission (CNV) of Argentina. Located at Prosegur’s main office in Buenos Aires, the bunker offers corporate clients a secure environment to store their private keys and cryptocurrencies offline.
The storage utilizes a computer designed by former Israeli secret service agents, featuring technology similar to that used for missile defense management in Israel, all encased within a robust safe.
This Argentine bunker is the third such facility launched by Prosegur, following previous openings in Madrid and Sao Paulo. The company has initiated discussions with several banks to provide these custody services on a business-to-business (B2B) basis, focusing primarily on commercial banks.
José Ángel Fernández, Executive President of Prosegur Crypto and Corporate Director of Innovation at Prosegur Cash, stated that the primary objective is to ensure the security of the assets, confirming that they will be used solely for custody purposes.
Prosegur’s decision to set up its third cryptocurrency vault in Argentina aligns with the country’s leading position in Latin America in terms of crypto transaction volume, as reported by Chainalysis from June 2023 to June 2024. Continuing with Argentine reports in CNF, Argentina ranked first in the region, with 61.8% of transactions involving stablecoins. Internationally, the country is 15th in cryptocurrency adoption.
The introduction of a military-grade technology facility for cryptocurrency custody in Argentina underscores the increasing importance of advanced security solutions in the management of digital assets, reflecting a significant step toward aligning with global standards in the digital financial sector.
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