Munich Re has been selected to provide $50m insurance protection to digital asset wallet services of Curv.
Image: Munich Re to provide insurance protection to Curv’s crypto wallet service. Photo: Courtesy of Gerd Altmann/Pixabay.
Curv said that its cryptography, implementation, quality assurance, deployment and security procedures have been diligently audited by Munich Re.
The opt-in solution from Munich Re is expected to improve Curv’s financial capability to pay for losses of crypto assets. The insurance cover is underwritten by a primary insurance carrier of Munich Re Group.
Munich Re cyber innovation and services head Ali Kumcu said: “The novel cryptographic methods deployed in Curv’s Institutional Digital Asset Wallet Service reduce the risks associated with holding digital assets.
“Their approach enables us to underwrite a policy that covers customer-controlled wallets in Internet-connected settings. We are delighted our partnership with Team8 got us connected with Curv to develop this solution together.
“For us, this is another proof point that this partnership is very valuable to all involved parties and that our commitment to build meaningful cyber solutions leads to such fruitful outcomes.”
Curv has developed multi-party computation (MPC) protocols to sign blockchain transactions in a safe, distributed way, avoiding the single point of failure introduced by private keys.
The digital asset wallet service claims that the protocols do not allow the company’s digital assets to be stolen with a single cyber breach or even through insider collusion.
With private key elimination and implementation of a cloud-based model, the company reduced its overall risk profile of digital asset operations and provides real-time access to assets.
Curv co-founder and CEO Itay Malinger said: “We are excited to partner with an insurance powerhouse such as Munich Re to enable institutions to confidently integrate digital assets into their portfolios.
“This unique risk transfer solution marks a significant industry milestone in the provision of digital asset insurance. Managing digital assets with Curv’s Institutional Wallet Service, provides customers the peace of mind that comes with an insured service that delivers state-of-the-art cryptographic security, operational simplicity and the flexibility of the cloud.”