Brink's Invests in Crypto Custody Specialist BitGo

According to CoinDesk, Brink's, a 164-year-old cash handling firm, has made a strategic investment in cryptocurrency custody specialist BitGo. The financial details of the investment were not disclosed. Cryptocurrency has its roots in retail self-custody, but institutions are now investing billions on behalf of clients, often requiring the back-up of fragmented master keys and physical hardware security modules (HSMs). This is where a firm like Brink's, with its global secure logistics network, comes in. "As much of our industry, and the financial services industry writ large, prepares for the digital tokenization of potentially a lot of assets, it was very strategic on their behalf to reach out to us," said BitGo VP Baylor Myers. Brink's is expected to continue allocating resources to its office of digital assets. The partnership between Brink's and BitGo creates an interesting marriage for a crypto custodian, according to BitGo Trust president Jody Mettler. Having a footprint of secure locations globally is important for BitGo as they move into regions like Asia Pacific and EMEA, allowing them to leverage Brink's network and expertise in these regions for security protocols and locations. This partnership with BitGo is not Brink's first foray into digital assets; the physical security firm began working with Metaco, a Swiss crypto custody firm, back in 2022. "The combination of our two strong, widely recognized brands will provide peace of mind to BitGo's growing client base," said Paul Diemer, Brink's senior VP of strategy and corporate development.