Curv, a crypto custody firm successfully completed its latest funding round of $30 million. The Israeli startup provides digital assets security infrastructure.
Large asset management groups back Curv
The recent funding round witnessed participation from one of the largest asset management groups in the world- Franklin Templeton and fintech VC Illuminate Financial Management. The fresh investment will boost the value of the company’s Series A funding to $30 million. It had already raised $23 million the months ago. The first leg of the Series A funding was led by Coinbase Ventures, CommerzVentures, Digital Garage Lab Fund, Team 8, and Digital Currency Group.
Curv is an Israeli firm that develops crypto security infrastructure. It said that it plans to use the new fund to pursue multiple goals like international growth, hiring of new staff, development of new products, and fueling expansion.
Why did Curv choose additional funding?
According to Itay Malinger, co-founder and CEO of Curv, the newest investors in the company approached them right after Series A funding closed and expressed their willingness to join in. Malinger noted,
“The addition of Franklin Templeton is a barometer of the traditional industry’s shift into digital assets and a broader desire to bring public blockchain-based offerings to market. Curv provides these institutions with the enterprise-grade infrastructure they require to securely deploy these solutions.”
Curv is headquartered in New York but its research and development offices are based in Tel-Aviv, Israel. The company has developed a multi-party computation (MPC) security technology in the 2 years of its existence. It includes the deployment of a hot and cold wallet and keyless security infrastructure.
Franklin Templeton’s Chief Risk & Transformation Officer Joe Boerio said that the cloud-based service and technology from Curv helps in eliminating the concept of private keys. MPC makes blockchain transaction signing secure.
Products from Curv are already being used in traditional investment companies looking to expand into the digital asset space as well as some crypto institutions like Genesis and eToro. They use Curv infrastructure to transfer, manage, and store digital assets on a blockchain.