Crypto Wallet Security Firm CURV Successfully Gets Insurance Coverage of $50 million via Munich Re

While mainstream financial analysts continue to bash the altcoin sector on a near daily basis, crypto-security firm Curv has silently been able to procure an insurance cover worth $50 million for its institutional clients from Munich Re.

To be a bit more specific, we can see that the above mentioned cover package serves as an add-on to Curv’s Institutional Digital Asset Wallet Service — an offering that has gained quite a lot of mainstream traction over the course of the past 6-8 months.

Additionally, a press release issued by Curv’s executive brass a few days back reads as follows:

“Curv will have the financial capability to pay for losses of crypto assets. Additionally, digital assets cannot be stolen from Curv’s Wallet Service with a single cyber breach or even through insider collusion.”

The Specifics of the Deal

According to a representative for Munich RE, the insurance firm will be providing Curv with an insurance plan that will look after any “external cyber breaches or malicious actions taken by Curv or one of its employees”.

Additionally, customers using Curv’s wallet service have been given an option to opt-in for the aforementioned insurance plan by paying a small fee on their held crypto assets.

In relation to the deal, Munich Re is said to have audited Curv’s wallet offering and found that their product fits exactly with their current business model — so much so that the company’s cyber innovation head, Ali Kumcu, was recently quoted as saying:

“Their approach enables us to underwrite a policy that covers customer-controlled wallets in Internet-connected settings,”

Other Details Worth Noting

  • From a security standpoint, we can see that Curv makes use of a framework that mixes storage techniques that are most commonly associated with hot and cold wallets.
  • As per Curv CEO, Itay Malinger, his company’s wallet solution deploys a multi-party-computational model to their private key (PK) signing mechanism, thereby getting rid of PKs altogether.
  • Earlier this year, Curv was able to raise a handsome total of $6.5 million from a number of high-profile players such as Team8 and Digital Currency Group.

Final Take

In closing out this piece, it should be mentioned that Curv’s security protocols boast of some of the most cutting edge technologies known to man today. In regards to the matter, Malinger was quoted as saying:

“Curv can enforce a corporate [access] policy from the cloud and completely out of band, so that an attacker or an insider within Curv or within its customers are unable to sign transactions because they simply don’t have enough cryptographic material. This is also what makes the service insurable.”

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,228FansLike
2,550FollowersFollow
4,038FollowersFollow

Live Bitcoin Price & Latest BTC Chart News

Today's Latest Crypto News

Bitcoin Price (BTC) Sighting Bullish Break Above $7,450

Bitcoin price is trading nicely above the $7,260 support area. BTC to USD seems to be setting up for a strong rally above the...

Brave Browser Popularity Doubles In The Past Year, Exceeding 10 Million Monthly Active Users

Brave Browser sees a “surge in user adoption,” recorded a 19% increase in MAU Daily active users tripled to 3.3 million, verified content...

Ripple’s Partnership With Forte Could Revolutionize The $140 Billion Gaming Industry

Forte, a San Francisco based firm, is working on applying blockchain technology in the gaming industry with the help of Ripple’s investment arm Xpring....

Bitcoin Beats Microsoft, Netflix, & Alibaba as the Top Choice Among Millennials: Charles Schwab

Unlike Baby Boomers and Gen Xers, Millennials More Interested in Investing in Bitcoin via GBTC than Berkshire Hathaway Millennials are into ETFs, Cash...

Ahead of Hearing, Ripple Files for Dismissal of XRP Securities Lawsuit One Last Time

Ripple states that the plaintiffs are outside of the required timeframe to base their allegations on the “first offered” rule. Statements from the...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.