Crypto security start-up Curv secures $50m insurance coverage from Munich Re

Crypto security company Curv has secured an insurance cover worth $50 million for its institutional digital asset wallet service from German reinsurer Munich Re.

Curv is a cloud-based cryptocurrency wallet that makes it easier for institutional clients to manage and secure their digital transactions.

The start-up claims that "digital assets cannot be stolen from Curv's wallet service with a single cyber breach or even through insider collusion". It uses multi-party computation (MPC) protocols to sign blockchain transactions in a mathematically secure, distributed way, eliminating the single point of failure introduced by private keys.

Founded in 2018, the New York-based start-up raised $6.5 million in its seed funding from Team8 and Digital Currency Group, among other investors.

The insurance for Curv is underwritten by a primary insurance carrier of Munich Re Group.

Munich Re audited Curv's technology and found that its wallet service "reduce the risks associated with holding digital assets".

Ali Kumcu, head of cyber innovation and services, of Munich Re, said: "Their approach enables us to underwrite a policy that covers customer-controlled wallets in Internet-connected settings. We are delighted our partnership with Team8 got us connected with Curv to develop this solution together.

"For us, this is another proof point that this partnership is very valuable to all involved parties and that our commitment to build meaningful cyber solutions leads to such fruitful outcomes."

Itay Malinger, co-founder and CEO of Curv, added: "We are excited to partner with an insurance powerhouse such as Munich Re to enable institutions to confidently integrate digital assets into their portfolios.

"This unique risk transfer solution marks a significant industry milestone in the provision of digital asset insurance. Managing digital assets with Curv's Institutional Wallet Service, provides customers the peace of mind that comes with an insured service that delivers state-of-the-art cryptographic security, operational simplicity and the flexibility of the cloud."