Israeli cryptocurrency security company Curv today announced the completion of a $6.5 seed financing round led by cybersecurity think tank Team8 and digital asset company Digital Currency Group, with participation from Flybridge Capital, Jump Capita and Monex Group.
Curv has also unveiled its Institutional Digital Asset Wallet Service to give financial institutions and enterprises strong security, instant availability, and total autonomy over all their digital assets.
Curv observes that 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. 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.
“Curv makes it easy for us to manage our digital assets and ensure each and every transaction is authorized,” said Ronen Assia, co-founder and Chief Product Officer of eToro and advisor to Curv. “Curv’s unique approach gives us the security and operational simplicity we need to start adding new, emerging digital assets to our portfolios.”
Curv’s Institutional Digital Asset Wallet Service: eliminates the concept of private keys by using proprietary multi-party computation (MPC) protocols; replaces the need for both cold and hot wallets; and offers a flexible, enterprise-grade policy engine.
The Curv service also includes the setup, management and maintenance of the blockchain infrastructure. This allows 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. “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.”
Curv is led by cofounders CEO Itay Malinger and CTO Dan Yadlin, and cryptography forerunners, Ben Riva and Jonathan Katz. The Institutional Digital Asset Wallet Service is a subscription service that will be available starting March 20 and is currently being used in a private beta with exchanges, custodians, fintechs and institutional investors located around the globe including eToro,Y and Z Malinger said, “We are focused on unleashing the potential of blockchains with our revolutionary approach to digital asset security,” said Itay. “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.”
Published by Globes, Israel business news - en.globes.co.il - on February 26, 2019
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