Traditional cryptocurrency companies are now moving to serve legacy financial operators interested in entering the cryptocurrency market. Bitgo, a U.S.-based cryptocurrency custody company, has announced that it will establish a local office in Brazil, targeting banks warming up to cryptocurrency services.

Bitgo, which is already operating in Brazil with over 25 customers, saw the opportunity to take advantage of the cryptocurrency boom, targeting institutions that need a localized service offering.

Talking to Valor Economico, Luis Ayala, Bitgo’s director for Latam, stated:

Cryptocurrency regulation is still unclear in Brazil, and we wanted to be a more local player, accepting payments in reais and having invoices directly in the country.

Furthermore, even as the company is primarily targeting banks wishing to contract third-party cryptocurrency custody services, Ayala stated that Bitgo is also capable of offering insurance to banks implementing their in-house custody solutions.

Instead of competing actively with these institutions, Bitgo seeks to insert itself into their business model by providing complementary solutions. “Our process also includes insurance for banks’ local custody operations. We don’t want to compete with these banks’ custody market, but we want to be partners to help them do this clearly and securely,” Ayala explained.

“We already have custody in South Dakota and New York [in the US], as well as Germany, Denmark, Switzerland, Dubai, and Singapore. I think this is a strength of ours.” Ayala pointed out.

Even when focusing on banks, the company will also provide more crypto-centric solutions for exchanges and other crypto-first companies, including staking.

Bitgo’s local solutions would offer an alternative to similar services provided by Fireblocks, an Israeli company also operating in Brazil, at a time when the firm has filed to go public.

Read more: Bitgo Files Confidentially for IPO, Joins Crypto Rivals in Public Market Push

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