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Crypto wallet service provides Curv recently announced its partnership with Franklin Templeton that will push forward the digitization of the investment firm’s shares. The company has deemed Curv’s multi-party computation (MPC) protocols as a secure way for this digitization as it completely eliminates the need for private keys, which is a major vulnerability according to the wallet provider.
In a press release published on Thursday, Nov. 21, Executive Vice President of Franklin Templeton Roger Bayston said that this partnership is rooted in the need to establish trust with its clients. He considers blockchain as a major role player in this endeavor as it provides security, transparency, and ease of use.
“Curv understood our demanding security requirements and our plans requiring large scale. In comparison to traditional tech stacks evaluated, Curv's cryptography changes what is possible in digital asset custody, delivering to our clients instant availability and total autonomy over their investments,” Bayston said.
More channels for the clients
Last September, Franklin Templeton announced that it will be using the Stellar network to record its fund’s share in addition to the standard book-entry format. However, the firm said that this doesn’t mean that they’re going to be investing in cryptocurrency moving forward.
At the moment, clients can only redeem or purchase their shares of the fund via the asset manager’s online app. Franklin Templeton means to provide another channel for this and blockchain has been the solution that they’ve come up with.
A significant step forward
Aside from digitization, Curv will also help the investment company scale its system. Curv CEO and Co-founder Itay Malinger expressed his excitement over the partnership as this will be a huge step for both the financial and crypto sector’s evolution.
“Franklin Templeton is the first traditional asset manager to tokenize shares on a public blockchain, making this a landmark for the entire industry. We are excited to be working alongside other innovators and first movers in the digital asset space, including the Stellar Network,” Malinger.
