Wall Street Doesn’t Want Private Keys So We Got Rid of Them, Says Crypto Startup
Cryptography company Curve revealed its Institutional Digital Asset Wallet Service today, which aims to provide financial institutions and enterprises with a storage solution that makes their cryptocurrencies and digital assets instantly available — while also providing total autonomy and eliminating the need for private keys.
Curv claims that it is eliminating the need for somewhat-complicated private key access to institutional players looking to add cryptocurrencies and digital assets to their portfolios. The company says it is doing this via “a simple, distributed way to secure and sign transactions.”
More specifically, Curv uses “proprietary multi-party computation (MPC) protocols” that signs transactions “in a fast, secure, distributed” manner that “protect[s] against cyber breaches, physical damage, and insider collusion.” This solution is a software-only service based on cloud technology that offers “a flexible, enterprise-grade policy engine that allows institutions to define risk profiles and enforce granular controls for all employees, machines and wallets, assuring compliance with organizational policies across all digital assets.”
One may be forgiven for thinking the above information is simply a collection of impressive-sounding industry buzzwords which essentially states that ‘institutional investors don’t need to hold their own private keys.’
The statements made in the official press release are equally generic, with Curv founder and CEO Itay Malinger stating:
We are focused on unleashing the potential of blockchains with our revolutionary approach to digital asset security. We give customers a way to securely integrate and manage all their digital assets, so they can easily transact and thrive in the digital world.
Though hard details are not provided in the company’s press release, it did manage to raise $6.5 million in seed funding from the likes of Team8, Digital Currency Group, and others.
The product will be available as a subscription in less than one month, on Mar 25, 2019. Maybe then we will actually be able to see what it is.
What do you think of Curv’s new product? Let us know your thoughts in the comments below!
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