A New York-based digital asset startup, Curv has hoisted USD 6.5 million to launch a Cloud-based digital asset wallet for financial institutions which do not use private keys. The seed funding round was led by Digital Currency Group, a digital asset investment company, and Israeli Cybersecurity company Team8, along with additional participation from Monex Group, Flybridge Capital, Jump Capital, and Liberty City Ventures.
As the company noted, the fresh capital will be utilized to develop an institutional digital wallet which enables institutions and enterprises to securely utilize digital assets and Blockchain applications. Several financial institutions have been cautious to fully hold digital assets within their portfolios because of the lag, operational complexity, and single point of failure related to the private keys required to sign Blockchain transactions. However, Curv asserted to eradicate the concept of private keys and introduce revolutionary cryptography that delivers a simpler way to secure and sign transactions. The company explained that the digital asset wallet will use multi-party computation protocols, a subfield of Cryptography that creates methods to enable parties jointly compute a function over their inputs without disclosing their amounts. Additionally, the need to use cold and hot wallets will be replaced by what the company commits to as a software-only, Cloud-based service.
The digital asset startup wants to eradicate the concept of private keys by utilizing proprietary multi-party computation (MPC) protocols, so each and every transaction is signed in a quick, secure, and distributed way to defend against cyber breaches, physical damage, and insider collusion. It will also provide a flexible, enterprise-grade policy engine that enables institutions to identify risk profiles and enforce granular controls for all workforces, machines, and wallets, assuring compliance with organizational policies across all digital assets.