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 Required* Enter Your Email for Trending Crypto News & Market Updates

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

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $193.47B $10,882.4438 1.73% $7.96B
ETH $32.71B $306.7677 -0.97% $2.81B
XRP $19.59B $0.4610 -2.16% $684.09M
LTC $8.42B $134.9319 -3.77% $926.85M
BCH $8.38B $469.1268 -2.27% $323.28M
EOS $6.58B $7.1448 -2.46% $836.83M
BNB $5.26B $37.2935 -1.08% $215.67M
BSV $4.18B $234.0753 0.76% $192.59M
USDT $3.52B $0.9976 0.61% $7.17B
TRX $2.58B $0.0386 3.87% $425.18M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.