Curv, a blockchain asset security platform, and Algorand, a proof-of-stake blockchain, announced a collaboration that would reflect Curv integrate Algorand within its asset-agnostic technology infrastructure. Moreover, Algorand will also take advantage of Curv’s solutions for internal use.
The collaboration makes institutions build the most secured wallet functionality into applications on the Algorand open-source proof of stake network via Curv’s multi-party computation (MPC) technology. It will allow Curv’s customers to store and transact ALGO and ALGO-based ASA tokens.
Josh Schwartz, COO of Curv, said, “We’re delighted to add ALGO to Curv’s fast-growing portfolio of natively supported assets. We are seeing increasing demand from major institutional firms for a fast, efficient, and ultra-secure way to trade and hold digital assets across ledgers. Our partnership with Algorand will spur investor participation in the digital asset class.”
Cloud-based MPC-based infrastructure from Curv ensures there is no single point of failure by removing the need for a private key to transact. The company deploys an off-chain, distributed approach that would deliver a safe, reliable, and scalable way to sign transactions and manage any digital asset on any blockchain. Curv offers digital asset insurance protection of up to USD 50 million through insurance provider Munich Re. It is the only MPC solution that would achieve SoC2 Type II certification and ISO accreditation.
W. Sean Ford, COO of Algorand, said, “As DeFi and CeFi converge, we are thrilled to partner with Curv and bring their leading digital asset wallet solution to Algorand’s institutional users. Algorand and Curv have an aligned vision for advanced technology that is required to modernize financial systems of the future. We look forward to the opportunities for our users that this partnership will enable.”