Business

2TM, Mercado Bitcoin parent company, launches its cryptocurrency custodian Bitrust

Bitrust will first custody bitcoins and extend the service to other cryptocurrencies in the first quarter of 2022

Image: REUTERS/Benoit Tessier/Illustration
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Brazilian holding 2TM, cryptocurrency broker Mercado Bitcoin‘s parent company, announced the launch of its cryptocurrency custodian Bitrust, after about seven months operating in a pre-operational phase. The company will first custody bitcoins and extend the service to other cryptocurrencies in the first quarter of 2022.

According to Paloma Sevilha, Bitrust’s head of business development, although the cryptocurrency custody service is already consolidated in more developed markets, “in Brazil the brokers are still the ones who end up meeting this demand, and they were not created for this purpose.”

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The executive explained that none of the private keys that give access to the crypto-assets are stored in the cloud, with the entire management infrastructure having the server installed in a structure hired by the company itself, which ensures that the assets are stored offline, protected from hackers.

According to her, Bitrust uses tools that also allow tracking risky activities and unusual transactions, as well as detecting portfolios that are under sanctions and restrictions.

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The rapid growth of the digital currency market and the consequent increase in cases of theft of these assets has raised the demand for custody services. Weeks ago, the Brazilian stock exchange B3 indicated plans to start offering cryptocurrency custody by 2022.

(Translated by LABS)

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