Curv Says Using Private Keys is No Longer Required with Pioneering Crypto Asset Security Solution
A cryptography start-up company which, amongst other things, specialises in the security of digital assets and cryptocurrency, has recently announced its Institutional Digital Asset Wallet Service that affords all financial firms and companies, more options regarding the security, independence and flexibility with all possible digital currencies and assets.
The company, who recently announced that it was able to raise $6.5m for the development of this security, hopes that it will be generally adopted by the entire industry, in the near future.
The funding was run in collaboration with a few other companies with Team8 and Digital Currency Group as lead. Others include the Jump Capital, Flybridge Capital, Liberty City Ventures and Monex Group.
Possible Solution to Reluctance Regarding Digital Assets
Up till now, there are many financial institutions that, even though they may have considered adopting digital assets and cryptocurrency on their platforms, have been extremely reluctant and generally unwilling to fully do this.
Many of them have blamed their unwillingness on different factors including the problem with security of private keys that are required for transactions based on blockchain technology and the fact that there are a lot of grey and intricate areas regarding blockchain procedures.
Consequently, Curv has presented a way to completely remove the system around the use of private keys thereby making issues a lot simpler, decentralized and more secure.
Nadav Zafrir, CEO and co-founder of Team8 – a major security company dealing with cybersecurity and also a partner and investor with Curv, has said that the new system is a solution that removes the need for physical security and greatly simplifies safety issues. Nadav said:
“Curv is solving the eternal trade-off between security and availability. 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.”
The Institutional Digital Asset Wallet Service
The new solution from Curv, has a few features that solves a few problems. Some of its pioneer solutions include using a more stable software which is on the cloud, to scale and decentralise the process of the availability and security of digital assets.
The service also provides an easier and more innovative policy engine that gives the financial firms the ability to outline their own specific risk assessments and also implement their own levels off access and control as required, for users and staff as well.
This gives the firm a more secure outlook and keeps them up to date with general compliance regulations both internally and externally.
Furthermore and most importantly, the service completely eradicates the need for the use of private keys by offering an innovative and exclusive solution that uses Multi-Party Computation (MPC) to protect each and every transaction against all possible interference include virtual, physical and even interference from within the firm.
According to Ronen Assia, co-founder and Chief Product Officer (CPO) of eToro which serves Curv in an advisory capacity:
“Curv makes it easier for institutions to manage digital assets by ensuring that each and every transaction is secure. 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.”
Speaking on the technology Travis Scher who is the VP of Investments at Digital Currency Group has also said that the new service is the most innovative option currently available. He said:
“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. We have been extremely impressed with the Curv team and are excited to support this dynamic company.”
Currently, the Institutional Digital Asset Wallet Service is set to be accessible from the 25th of March, 2019. At the moment,it’s being tested by a few different exchanges, financial firms and technological outfits all over the world.
The company is headed by Itay Malinger who serves as co-founder and CEO and also Dan Yadlin who serves as co-founder and CTO. The team also includes Jonathan Katz and Ben Riva, amongst others.