Cryptography Pioneer Raises $6.5M to Create New Institutional Standard for Digital Asset Security, Allowing Institutions and Enterprises to Safely Adopt & Use Digital Assets & Blockchain Applications
NEW YORK and TEL AVIV, Israel, Feb. 26, 2019 /PRNewswire/ -- Curv, the cryptography pioneer securing the digital economy, today unveils the industry's first Institutional Digital Asset Wallet Service to give financial institutions and enterprises strong security, instant availability, and total autonomy over all their digital assets.
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 is solving the eternal trade-off between security and availability," said Nadav Zafrir, co-founder and CEO of Team8, the leading 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."
Curv's Institutional Digital Asset Wallet Service is the first to:
- Eliminate the concept of private keys by using proprietary multi-party computation (MPC) protocols, so each and every transaction is signed in a fast, secure, distributed way to protect against cyber breaches, physical damage, and insider collusion.
- Replace the need for both cold and hot wallets with a scalable, software-only, cloud-based service that ensures digital assets are always available and secure.
- Offer a flexible, enterprise-grade policy engine that allows institutions to define risk profiles and enforce granular controls for all employees, machines and wallets, assuring compliance with organizational policies across all digital assets.
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.
The company announced $6.5 million in seed funding. The round was led by Team8, and the world's leading investor in digital asset companies, Digital Currency Group, with participation from Flybridge Capital, Jump Capital, Monex Group and Liberty City Ventures.
"Curv makes it easier for institutions to manage digital assets by ensuring that each and every transaction is secure," said Ronen Assia, co-founder and Chief Product Officer of eToro and advisor to Curv. "eToro believes that in the future all assets will be tokenized and that we will see the greatest transfer of wealth ever onto the blockchain. As we grow our digital asset offering we are looking to work with innovators such as Curv in order to provide the best possible service to our customers."
"Curv is building best-in-breed technology solutions for digital asset custody. The company's institutional grade wallet, which uses the most advanced cryptographic methods, provides the security and control that institutional investors entering this emerging asset class will expect," said Travis Scher, VP, Investments at Digital Currency Group. "We have been extremely impressed with the Curv team and are excited to support this dynamic company."
Curv is led by co-founder and CEO Itay Malinger, co-founder and CTO Dan Yadlin, and cryptography forerunners, Jonathan Katz and Ben Riva. The Institutional Digital Asset Wallet Service is a subscription service that will be available starting March 25th, 2019. It is currently being used in a private beta with exchanges, custodians, fintechs and institutional investors located around the globe.
"We are focused on unleashing the potential of blockchains with our revolutionary approach to digital asset security," said 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."
Curv is setting a new institutional standard for digital asset security, using revolutionary cryptography to deliver the industry's first cloud-based Institutional Digital Asset Wallet Service that makes it easy to manage and secure all digital assets. Curv's unique, mathematically-secure, distributed approach gives organizations bulletproof protection, instant access, and total autonomy over digital assets, so they can embrace the digital economy. Curv is headquartered in New York with R&D offices in Tel Aviv, Israel. For more information, please contact firstname.lastname@example.org.