Crypto custody infrastructure provider Curv has raised $23 million in Series A funding from major investors.
CommerzVentures, the unit of Germany’s Commerzbank Group, Coinbase Ventures, Digital Currency Group, Israeli cybersecurity group Team8, and Digital Garage Lab Fund, set up by Japanese internet group Digital Garage and Daiwa Securities Group, all participated in the round.
With the fresh capital in place, Curv looks to strengthen its infrastructure, grow its team and expand its client base across the globe, COO Josh Schwartz told The Block. The firm is headquartered in New York and has R&D offices in Tel-Aviv, Israel.
Curv provides custody solutions that utilize multi-party computation (MPC) cryptography technology. Providers of MPC claim that it is better than multi-signature technology since it generates random key shares instead of a fixed private key. These key shares are then stored and computed separately to derive an output that can authorize a transaction collectively. In a multi-signature approach, on the other hand, distinct signatures are generated by different private keys to secure crypto assets.
Curv says its MPC technology has helped clients save a combined 60-70% in transaction fees when they shifted from more expensive multi-signature technology. This is because MPC reduces unnecessary network fees and hidden gas costs, said the firm.
Curv’s major clients include Franklin Templeton, eToro, and crypto trading and lending platform Genesis, among other “dozens of customers” across crypto and traditional finance world.
The firm has today also made its “tX” initiative public — it’s a group of cryptographers and engineers who use Curv’s technology to develop custody solutions. Schwartz told The Block that tX was launched several months ago and has released several models for both crypto-native and traditional financial institutions. “These flexible models help institutions address and adapt to changing regulatory requirements faced across diverse geographies,” said Schwartz.
Today’s Series A brings Curv’s total funding to date to $29.5 million. Last year, the firm raised $6.5 million in a round led by Team8 and Digital Currency Group.
Several crypto custody startups have raised funding in recent months, including London-based Copper, Israel-based GK8, and Hong Kong-based First Digital Trust.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Crypto custodian Curv raises $23 million in Series A funding written by Yogita Khatri @ https://www.theblockcrypto.com/post/70128/crypto-custodian-curv-raises-23-million-in-series-a-funding?utm_source=rss&utm_medium=rss July 1, 2020 Yogita Khatri