Start-up cryptographic company Curv has successfully raised $23 million from international investors in its A-series.
At the initial stage of fundraising, Curv gathered $23 million from crypto investors such as Coinbase Ventures, Digital Currency Group, and CommerzVentures. CommerzVentures is a venture capital fund of the German group Commerzbank.
Other notable investors are Team8, an Israeli cybersecurity firm, and Digital Garage Lab Fund, an institution of Digital Garage and Daiwa Securities Group.
Curv intends to use its recently acquired fund to expand its operations globally, develop innovative products, and hire new employees. Although Curv is located in New York, its research and development center is set up in Tel Aviv, Israel.
A US-Israeli firm, it specializes in multi-party computing (MPC) solutions for institutions. Unlike traditional blockchain security solutions, the MPC solution works with shared keys, not separate private keys. These key shares are stored separately, but combined to authorize accounts.
Curv claims its MPC solutions save customers 60–70% on transactions. It is worth noting that not all Curv clients are crypto-financial institutions.
Some of its renowned clients include the eToro social trading platform, Franklin Templeton, and Genesis, a credit platform.
Curv also unveiled its tX initiative, a small group of cryptographers who use their MPC solutions to create cryptographic storage models. After its beginning, Curv has gathered a total of $29.5 million.
Along with recent investments, Curv also talked about the existence of tX, “an elite group of cryptographers and engineers using Curv’s keyless technology to develop flexible deployment models for both crypto-native and traditional financial institutions.”
“Tokens and coins increasingly end up in asset management books, ”said CommerzVentures managing partner Stefan Tirti in a statement. “Curv is opening this market with its advanced technology, and we are looking forward to working with Itay, Dan [Yadlin], and their impressive team.”
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