Brink’s, a renowned cash handler, partners with BitGo for enhanced security of digital assets
Brink’s, the esteemed cash-handling company with a history spanning 164 years, made a calculated move on January 24, 2024, by venturing into the world of cryptocurrency. This was achieved through a substantial investment in BitGo, a specialist in crypto custody. The specific financial details of this arrangement have not been disclosed.
BitGo’s Vice President, Baylor Myers, emphasized the significance of Brink’s involvement as the tokenization of assets continues to gain traction. As institutions like BlackRock show a growing interest, the need for secure logistics and backup mechanisms becomes paramount. Brink’s, renowned for its secure global logistics network, is well-positioned to address this requirement.
This is not Brink’s first foray into the digital asset market. In 2022, Brink’s collaborated with Swiss crypto custody firm Metaco, and now they are further diversifying their portfolio by investing in BitGo. This partnership aligns perfectly with BitGo’s global ambitions, particularly in regions like Asia Pacific and EMEA, where they can utilize Brink’s secure locations and expertise.
BitGo achieved an in-principle approval from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), on January 10, 2024, for a Major Payment Institution (MPI) license. This sets the stage for BitGo to offer digital payment token services in Singapore while awaiting the full permit. MPI-licensed entities benefit from exemptions on transaction limits and can conduct payment services without restrictions.
Expressing his excitement about the investment in BitGo, Paul Diemer, Brink’s Senior VP of Strategy and Corporate Development, emphasized that the combination of their strong brands would ensure the growth of BitGo’s client base. This move demonstrates Brink’s dedication to expanding within the ever-evolving digital asset industry.
In summary, Brink’s strategic investment in BitGo signifies their expansion into the digital assets industry and showcases their commitment to diversification.
Tags: Crypto news