NEW YORK and TEL AVIV:
Israel, May 10, 2019 /PRNewswire/ — Curv, the cryptography pioneer securing the digital economy, announced a new partnership with Munich Re, one of the world's leading providers of reinsurance, to provide insurance protection of up to $50m for digital assets in Curv's Institutional Digital Asset Wallet Service.
Munich Re diligently audited Curv's cryptography, implementation, quality assurance, deployment and security procedures. The simple opt-in solution will provide comfort to Curv's customers because Curv will have 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, which is an S&P AA-rated international insurance company, eligible to write surplus lines insurance in all US states.
"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. "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."
Coverage for digital assets held in wallets connected to the Internet has been limited and expensive, with the risks associated with securing private keys spread across different insurance policies. Curv 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. As a result, digital assets cannot be stolen from Curv's Wallet Service with a single cyber breach or even through insider collusion.
"We are excited to partner with an insurance powerhouse such as Munich Re to enable institutions to confidently integrate digital assets into their portfolios." said Itay Malinger, co-founder and CEO of Curv. "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."