Crypto Wallet Startup Curv Raises $6.5M USD In Seed Fundingbr>
Cypto startup Curv has raised $6.5 million in seed funding led by Team8 and Digital Currency Group, with participation from Flybridge Capital, Jump Capital, Monex Group and Liberty City Ventures.
Based in New York, Curv said that the money will be used to develop an institutional digital asset wallet service to give financial institutions and enterprises strong security, instant availability, and total autonomy over all their digital assets. The firm claims to eliminate the concept of private keys by using proprietary multi-party computation (MPC) protocols and replace the need for both cold and hot wallets with a scalable, software-only, cloud-based service.
“Many financial institutions have been hesitant to fully embrace digital assets within their portfolios because of the lag, operational complexity, and single point of failure associated with the private keys needed to sign blockchain transactions,” the company said. “Curv eradicates the concept of private keys to eliminate these issues, introducing revolutionary cryptography that delivers a simple, distributed way to secure and sign transactions.”
The digital asset wallet service will offer a flexible, enterprise-grade policy engine, which will allow institutions to define risk profiles and enforce granular controls for all employees, machines and wallets. It will also include the setup, management and maintenance of the blockchain infrastructure, allowing customers to adopt any cryptocurrency or blockchain app they want, without having to worry about investing or scaling the underlying IT infrastructure.
“Curv is solving the eternal trade-off between security and availability,” said Nadav Zafrir, co-founder and CEO of Team8, a cybersecurity think-tank and company creation platform. “No longer do institutions or enterprises need to maintain physical security that doesn’t scale or hot wallets that are difficult to integrate and secure. Curv gives them a single solution that does it all.”
The Institutional Digital Asset Wallet Service, which is currently being used in a private beta with exchanges, custodians, FinTechs and institutional investors located around the globe, is a subscription service that will be officially launched on March 25.
“We are focused on unleashing the potential of blockchains with our revolutionary approach to digital asset security,” said Curv co-founder and CEO Itay Malinger. “We give customers a way to securely integrate and manage all their digital assets, so they can easily transact and thrive in the digital world.”