Curv, a cloud-based institutional digital asset wallet service, has partnered with Munich Re to provide insurance protection of up to $50 million for digital assets offered through its service.
Munich Re will offer an opt-in solution to Curv’s customers that provides the financial capability to pay for losses of crypto assets. The insurance for Curv is underwritten by a primary insurance carrier of Munich Re Group.
According to Ali Kumcu, head of Cyber Innovation and Services, of Munich Re, Curv’s Institutional Digital Asset Wallet Service reduces the risks associated with holding digital assets. The Munich Re policy covers customer-controlled wallets in Internet-connected settings.
Curv has developed 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. The company said digital assets cannot be stolen from Curv’s Wallet Service with a single cyber breach or even through insider collusion.
Curv uses cryptography to deliver the cloud-based Institutional Digital Asset Wallet Service to manage and secure all digital assets. Curv is headquartered in New York with R&D offices in Tel-Aviv, Israel.
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