Brink’s and BitGo Collaborate to Enhance Security of Digital Assets
Brink’s, a well-established cash-handling company with a rich history spanning 164 years, has made a bold move into the world of cryptocurrency by investing a substantial amount in BitGo, a leading provider of crypto custody services. While the exact financial details of the investment remain undisclosed, this venture is expected to revolutionize the management of digital assets.
BitGo’s Vice President, Baylor Myers, highlighted the significance of Brink’s entry into the digital asset market, particularly given the increasing trend of digital asset tokenization and the emergence of companies like BlackRock. In this context, ensuring secure logistics and robust backup mechanisms is of utmost importance. Brink’s, renowned for its global secure logistics network, is uniquely positioned to meet this need.
This is not the first time Brink’s has ventured into the digital asset market. In 2022, the company collaborated with Swiss crypto custody firm Metaco, and now it is expanding its portfolio by investing in BitGo. This partnership aligns with BitGo’s global aspirations, especially in regions like Asia Pacific and EMEA, as it leverages Brink’s secure locations and expertise.
In another significant development, BitGo achieved a major milestone on January 10, 2024, when it received in-principle approval from the Monetary Authority of Singapore (MAS), Singapore’s financial regulator, for a Major Payment Institution (MPI) license. This approval positions BitGo to offer digital payment token services in Singapore, granting exemptions from transaction limits and allowing payment services to be conducted without restrictions while awaiting the complete permit.
Paul Diemer, Brink’s Senior Vice President of Strategy and Corporate Development, expressed his excitement about the investment in BitGo. He emphasized that this strategic move will strengthen BitGo’s client base and establish Brink’s as a significant player in the crypto market.
Overall, Brink’s entry into the crypto space through its investment in BitGo is a testament to the growing importance of digital asset management. With Brink’s secure logistics network and BitGo’s expertise, both companies are poised to make a significant impact in the global crypto industry.