Curv, a New York-based crypto securities firm, has reportedly established a partnership with insurance company Munich Re to receive USD 50 million in coverage for its customers. This new insurance is aimed at covering all cases wherein a malicious actor was able to gain access to either Curv or its customers’ shares, both of which would be required to sign off on an illicit transaction. As per the announcement, “Even in an extreme scenario where both networks’ shares were somehow simultaneously compromised and a transaction was initiated outside of the corporate policy, Curv’s insurance would kick in to cover the loss*.”
The company further explains that “Our insurance carrier’s confidence in our security model, following a rigorous due diligence process, resulted in their decision to create a new product specifically to support our customers. And while we anticipate that no customer of ours should ever have to file a claim on our service, they can now have the peace of mind that comes with yet another layer of protection for their assets.” Rather than other wallets, a significant feature sets the Curv crypto wallet is that they do not make use of private keys to protect access to encrypted data.
Recently, a senior security analyst at Independent Security Evaluators (ISE), Adrian Bednarek had found that Blockchain scammers were stealing Ethereum by taking benefits of weak private keys. As a result, Curv is not using private keys at all. The company, in this regard, utilizes multi-party protocols that do not make use of private keys to secure encrypted data. Curv further offers one Omni-purpose wallet more willingly than providing just cold or hot wallets.