Official Press Release

GK8 powers the transformation of Prosegur, a €360B traditional custodian, into the digital asset space

With presence across 26 countries and 160,000 employees, Prosegur branches out from the traditional custody business with GK8’s solution for securing and managing blockchain-based assets without being connected to the Internet

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Tel Aviv, December, 2020 — Prosegur, one of world’s largest custodians in the field of physical security for traditional banks, has launched a new service for custody and management of digital assets. The service, Prosegur Crypto, combines the highest standards of both physical protection and cyber security to prevent hacking attempts. This is the first time that a cash management company enters the digital asset space and offers custody of cryptocurrency.

The technology behind Prosegur Crypto is powered by GK8, an Israeli blockchain cybersecurity company. GK8 developed the world’s first air-gapped cold vault that provides the ability to create transactions to the blockchain while being 100% offline. By executing blockchain transactions without requiring internet connectivity, GK8’s solution eliminates all potential attack vectors on users’ private keys, providing 100% protection against cyber threats. This is accomplished thanks to patented cryptography that enables GK8’s vault to create, sign and send blockchain transactions in a unidirectional connection, without receiving any digital input that can include malicious code.

Prosegur’s new service addresses a growing market demand for safeguarding digital assets, as cryptocurrency becomes a mainstream asset, held by millions of individuals and institutions. The demand for a secure crypto custody service is fuelled by both the increased value of digital assets, as well as by global regulation authorising use of crypto by traditional financial institutions. At the same time, hacking incidents are becoming more frequent and sophisticated, overcoming existing storage solutions and stressing the need for custody services that keeps digital assets out of hackers’ reach. 

GK8’s Cold Vault is backed by a $500M insurance coverage, offered to GK8 customers using its custody platform. This is the highest insurance available today on digital assets.

GK8’s Cold Vault is the core of its end-to-end platform, that also includes a keyless MPC (Multi-Party Computation) solution for high-frequency automatic transactions, and a mobile and desktop customer app for managing digital assets.

Raimundo Castilla, CEO of Prosegur Crypto, said: “Our platform meets a real and urgent need that exists in the market today. With this unique proposal, we offer a comprehensive and reliable custody solution with the level of protection and demand required by companies and institutions. By integrating GK8 into our solution, Prosegur Crypto aims to lead this market as the safest and most reliable partner for institutional investors”.

Lior Lamesh, CEO and Co-Founder of GK8, added: “Prosegur built its business around cash management and physical security services, and wanted to expand into digital asset custody and get a foothold in the exploding crypto-economy. Custody of cash, gold, jewelry and physical assets requires very different security measures than crypto custody. With our cyber expertise and end-to-end platform, we enabled Prosegur to accomplish this transformation while adhering to the highest security standards”.

 

About

About GK8:

GK8 is a blockchain cybersecurity company that offers financial institutions an end-to-end platform for managing blockchain-based assets on their own. The company developed the world’s first true air-gapped vault that enables to create, sign, and send secure blockchain transactions with no internet connectivity, hence eliminating all potential cyber attack vectors. GK8’s military-grade solution is based on 7 pending USPTO cryptography patents.

The company was founded by Israeli cyber intelligence veterans who previously protected the nation’s strategic assets, and is backed by industry leaders, including Marius Nacht – founder and former Chairman of cybersecurity giant Checkpoint.

For more information, go to www.gk8.io

 

About Prosegur 

 

Prosegur is a global benchmark in the private security sector. With its five business lines – Prosegur Security, Prosegur Cash, Prosegur Alarms, Prosegur AVOS and Cypher – it provides businesses and households with trusted security based on the most advanced solutions available on the market. With a global presence, Prosegur had a turnover of 4.198 billion euros in 2019, is listed on the Spanish stock exchanges with the PSG ticker, and currently has more than 160,000 employees. 

The company also channels social engagement through the Prosegur Foundation, which, with 31,111 beneficiaries in 2019, is involved in four core areas of action: education, job opportunities for persons with intellectual disabilities, corporate volunteering initiatives and the promotion of culture. 

For more information, go to www.prosegur.com

Leadership

Lior Lamesh - CEO and Co-Founder
Shahar Shamai - CTO and Co-Founder

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Media Contact

Alona Stein

[email protected]

972-50-7782344