New York-based crypto security firm Curv has acquired $50 million of insurance coverage for its institutional customers from reinsurance provider Munich Re.
According to a press release, the partnership will help Curv to reduce the risk and cover losses of holding digital assets. Customers can apply for the insurance by paying an additional cost based on the number of assets they store with Curv.
“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,” said Itay Malinger, Co-Founder and CEO of Curv.
By using multi-party computation (MPC) protocols instead of private keys, Curv vastly reduces the overall risk profile of digital asset operations and enables real-time access to assets. With Curv, there are no more separate hot or cold wallets, but instead, an Omni-purpose wallet that is managed by cryptographically-enforced company policies.
“The novel cryptographic methods deployed in Curv’s Institutional Digital Asset Wallet Service reduce the risks associated with holding digital assets,” said Ali Kumcu, Head of Cyber Innovation and Services, of Munich Re. “For us, this is another proof point that this partnership is very valuable to all involved parties and that our commitment to building meaningful cyber solutions leads to such fruitful outcomes.”
As reported by The Crypto Sight on Apr 17, French authorities adopted a bill to allow insurance companies to invest in crypto, with no investment limits imposed.