2TM, a holding company that includes companies such as Mercado Bitcoin and Blockchain Academy, announced today (3) that it has started operations of Bitrust. The company does digital escrow and will start with bitcoin. This quarter, it should expand the service to other cryptocurrencies.
The company has its eye on institutional investors. That’s because they invest large amounts of money, but they have fears about cryptocurrencies. And one of them is with the custody, that is, the security guard of the crypts. This segment is not yet developed here. The Spanish company Prosegur, for example, also announced that iwould install a bunker in the Brazil, one of the only ones in the world.
For the service, the Bitrust claims to use equipment called Hardware Security Module (HSM). It’s a kind of digital vault that manages digital keys. According to the company, “the operations involve several layers of protection”.
This includes, for example, double factor authentication to login to the portal. In addition, it needs approval of withdrawal demands by at least two customer users. And one of the signatures is with ICP-Brasil. The keys are offline, on servers in companies and not in the cloud. Kryptus, a Brazilian cybersecurity and encryption company, will secure Bitrust.
“The activity of a qualified custodian for these assets is fundamental to guaranteeing the operation’s safety”, says the business development leader at Bitrust, Paloma Sevilla. Security includes issues such as ownership, existence, backing and complete segregation. In Brazil, exchanges do the job, although it is not their focus, said the business development leader at Bitrust, Paloma Sevilla.