Algorand has partnered with Curv, a New York-based trusted digital asset security and custody startup, to create an efficient and ultra-secure digital asset security solution for institutional firms to hold and trade digital assets.
According to a press release by the Algorand team on Thursday, January 25th, through this partnership, Curv will integrate Algorand blockchain within its asset-agnostic technology infrastructure. Algorand will leverage Curv solutions for internal use.
Algorand team said that this partnership would allow “institutions to build the most secure wallet functionality into applications on the Algorand open-source proof of stake network” by using Curv’s industry-leading multi-party computation (MPC) technology. In return, Curv customers will be able to transact and store ALGO and Algorand standard assets (ASA) tokens.
By combing their expertise, Algorand and Curv want to offer a kind of trusted DeFi that appeals to traditional institutions, payment providers, and governments. Both companies have already a strong presence in DeFi. Algorand blockchain is known as one of the best platforms for DeFi applications, thanks to its speed, security, and lower transaction fees. Curv is working with Compound Protocol offering DeFi services to asset managers, exchanges, and other institutional clients.
According to Curv, its multi-party computation (MPC) technology is a cloud-based, battle-tested solution that eliminates the single point of failure by removing the need for a private key to transact and offer the most reliable and scalable way to sign transactions and manage any digital asset on any blockchain. Its MPC is the only solution to achieve SoC2 Type II certification and ISO accreditation.
The firms also offer institutions digital asset insurance protection up to $50 million through Munich-based reinsurance company Munich Re. Curv customers include crypto native and traditional financial institutions worldwide, including leading investment managers and global banks such as BNP Paribas.
Josh Schwartz, COO of Curv, commented:
“We’re delighted to add ALGO to Curv’s fast-growing portfolio of natively supported assets. We are seeing increasing demand from major institutional firms for a fast, efficient, and ultra-secure way to trade and hold digital assets across ledgers. Our partnership with Algorand will spur investor participation in the digital asset class.”
W. Sean Ford, COO of Algorand, said:
“As DeFi and CeFi converge, we are thrilled to partner with Curv and bring their leading digital asset wallet solution to Algorand’s institutional users. Algorand and Curv have an aligned vision for advanced technology that is required to modernize financial systems of the future. We look forward to the opportunities for our users that this partnership will enable.”
If you found this article interesting, here you can find more Blockchain and cryptocurrency news
