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.”
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,”
- 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.
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.”