A start-up crypto custody firm, Curv, has successfully raised $23 million from international investors in its series A.
In its initial fund-raising round, Curv pulled in $23 million from heavyweight crypto investors such as Coinbase Ventures, Digital Currency Group, and CommerzVentures. CommerzVentures is the VC fund of Germany-based Commerzbank Group.
Other notable investors include Team8, an Israeli Cybersecurity firm, and Digital Garage Lab Fund, a Digital Garage and Daiwa Securities Group establishment.
Curv intends to use its newly acquired fund to expand its operation on a global scale, develop innovative products, and hire new employees. Although based in New York, Curv has its research and development centre set up in Tel-Aviv, Israel.
The US-Israel firm specializes in Multi-Party Computation (MPC) solutions for institutions. Unlike traditional blockchain security solutions, the MPC solution works with key shares, instead of individual private keys. These key shares are held separately but are combined to authorise accounts.
Curv claims its MPC solutions save its clients 60-70% in transaction fees. It is worth noting that not all of Curv’s clients are crypto-based financial institutions. Some of its notable clients include social trading platform eToro, Franklin Templeton, and Genesis, a lending platform.
Curv also revealed its tX initiative, a small group of cryptographers who use its MPC solutions for creating crypto custody models.
Since inception, Curv has raised a total of $29.5 million.