Crypto safety firm Curv has teamed up with insurance firm Munich Re to collect $50 million in coverage, as per reports shared by Curv on May 10. Curv is mainly a cloud-based cryptocurrency wallet that uses bulletproof protection, instant availability, and total autonomy. While Munich Rei is one of the leading reinsurance providers around the globe.
The latest coverage announced on May 10 is an add-on to the Tel Aviv-based Curv's Institutional Digital Wallet Asset Service. Curv will have the financial ability to pass for losses of crypto assets, the partners said in the same press release.
The startup ensures that cryptocurrencies can't be stolen from the Curve’s Wallet Service with only one cyber breach, or via the insider collusion. Despite this, the insurance policy is available as a backup.
Particularly, Munich Re is insuring curves in case of the risks of “an external cyber breach or malicious behavior by Curv or one of its employees,” Curv said. Customers using the wallet can select the insurance by paying extra cost as per the amounts of assets they keep in a wallet.
The fresh insurance is designed to cover any cases in which hacker might get access to either Curv or customer's cases, both the things will be required to sign off an illicit transaction. Curv said in the press release:
“Even in an extreme scenario where both networks’ shares were somehow simultaneously compromised and a transaction was initiated outside of the corporate policy, Curv’s insurance would kick in to cover the loss*.”
One of the most essential features of the Curv's Crypto wallets is that they don't use private keys, which is the most basic way for a user to assess their data. Adrian Bednarek, who is a senior security analyst at Independent Security Evaluators (ISE), found that a well-known "blockchain-bandit" was stealing Ethereum (ETH) by operating users with weak private keys, which he mentions as both "your user ID and your password at the same time."
On the contrary, Curv utilizes a multi-party computation (MPC) protocols which don't rely on only one username/ password combo (private key) for assessing secure data. Curv offers an Omni purpose wallet instead of hot or cold wallets.
Curv has grabbed $6.5 million in February 2019 from Team 8 and Digital Currency Group.
Curv CEO Curv CEO Itay Malinger said that with the latest security system,
“Curv can enforce a corporate [access] policy from the cloud and completely out of band, so that an attacker or an insider within Curv or within its customers are unable to sign transactions because they simply don’t have enough cryptographic material.”