Crypto Wallet Curv Obtains $50 Million
Curve has reportedly acquired around $50 million of insurance covered. The figure is meant for the crypto security company’s institutional customers and is thanks to the reinsurance giant called Munich Re. Here is everything about it in a nutshell.
Improving the Wallet Service
According to the official report, the aforementioned coverage was announced recently and will serve as an add-on to the Tel Aviv-based company’s Institutional Digital Asset Wallet Service. Through it, the firm will finally have the financial ability to pay for losses of digital currencies. The announcement, in particular, was also detailed via a press release from its partners.
The startup further claims that cryptos cannot simply be stolen from its Digital Asset Wallet Service. And this is even true even with a single cyber breach, not to mention where there is insider collusion. However, the company said that the insurance policy is still essential simply for the fact that it can help supplement its line of defense.
It is worth noting that Munich RE is going to insure Curv against the risks of malicious behavior and an external cyber breach by the latter, as well as any threats coming from its employees. As for the firm’s customers who will make use of the wallet, they can always opt-in for the insurance and they just have to pay an extra cost. The fee, in particular, will be reportedly based on the number of cryptos they store with the startup.
Munich Re’s Audit Results
Apparently, the reinsurance giant performed an audit on Curv’s technology. It discovered that the tech involved gives the former the ability to “underwrite a policy,” specifically one that can cover wallets deemed to be controlled by customers in Internet-connected settings. The audit was further explained by the company’s very own head of cyber innovation and services named Ali Kumcu.
Kumcu explains that the approach can dispense with the common mix of hot wallets and cold storage. These wallets are basically those that can be connected to the internet, while the storage can keep cryptographic private keys. The storage works in a way that it keeps these keys on either an offline device or a piece of paper. From there, they are locked away in a safe cage designed to have the electromagnetic field-proof ability. This process is said to be capable of bringing a distributed security model directly to the signature mechanism.