• Sat, 24 Aug 2019, 07:53 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

Crypto wallet Curv secures $50M insurance coverage from Munich Re

Mon, 13 May 2019, 03:29 am UTC

Digital asset wallet firm Curv has announced that it has entered into an insurance partnership with reinsurance giant Munich Re.

In its announcement, Curv said that the insurance will cover up to $50 million of digital assets for the customers of its institutional wallet service. Munich Re is insuring Curv in the case of an external cyber breach or malicious behavior by Curv or one of its employees.

“We view this insurance milestone as a major validation of our wallet service and specifically our cloud based, cryptographically-enforced and distributed signing mechanism,” Curv said.

Founded in 2018, New York-based Curv raised $6.5 million from Team8 and Digital Currency Group earlier this year. It offers a cloud-based wallet service for institutional clients, which eliminates the private key. This means that there are no hot (online) or cold (offline) wallet, but a “universal accessible wallet” governed by cryptographically-enforced corporate policies and controls, it explained.

Curv has developed multi-party computation (MPC) protocols to sign blockchain transactions in a mathematically secure, distributed way, eliminating the single point of failure introduced by private keys.

For signing a transaction, both Curv and its customers independently store and secure shares that allow them to jointly sign transactions. In order to be successful, hackers would require both Curv’s and its customer’s shares at the same moment in time, which is highly unlikely, Curv said, adding:

“Even in an extreme scenario where both networks’ shares were somehow simultaneously compromised and a transaction were initiated outside of the corporate policy, Curv’s insurance would kick in to cover the loss.”

Customers would have to opt-in to the insurance backed service at an additional cost depending on the amount of assets they are managing through the Curv platform. They would have visibility into what portion of their funds falls under the insurance protection.

“Munich Re diligently audited Curv's cryptography, implementation, quality assurance, deployment and security procedures. The simple opt-in solution will provide comfort to Curv's customers because Curv will have the financial capability to pay for losses of crypto assets,” the press release said.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,106.90 (-2.83%)
  • Ethereum (ETH) $189.58 (-2.38%)
  • XRP (XRP) $0.272200 (-1.30%)
  • Bitcoin Cash (BCH) $306.54 (-2.02%)
  • Litecoin (LTC) $73.17 (-2.56%)
  • Bitcoin (BTC) $10,106.90 (-2.83%)
Aug 23, 2019 (Friday)
Stablecoin project Terra receives funding from HashKey Capital
Three of the founding members of Libra Association consider backing out: Report
Overstock's Patrick Byrne steps down as CEO
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
BitGo announces support for multi-signature EOS wallet and custody services
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
Crypto exchange Coincheck mulls launching IEO Platform
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Sierra Leone launches blockchain-based National Digital Identity Platform
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.