Curv Banks On $23M Series A To Accelerate Digital Asset Adoption

Curv Banks On $23M Series A To Accelerate Digital Asset Adoption

Curv, which is developing a digital asset security infrastructure to help crypto-native and traditional financial institutions create digital wallets, said it raised $23 million in Series A funding on Wednesday.

The New York-based company’s security technology enables users to build cryptofinance products that safely transfer, store and manage any digital asset on any blockchain or digital system for recording transactions.

CommerzVentures, Coinbase Ventures, Digital Currency Group, Team8 and Digital Garage Lab Fund participated in the new round of funding, the company said in a written statement. In total, the company has raised $29.5 million since its inception in 2018, which includes a $6.5 million seed round in 2019, according to Crunchbase data.

“Few areas within fintech are as exciting as digital assets,” said Stefan Tirtey,  managing partner at CommerzVentures, in a written statement. “Tokens and coins are increasingly finding their way into asset managers’ books, and Curv is unlocking this market with their industry-leading technology.”

Fidelity Digital Assets reported in June that a growing number of institutional investors see a place for digital assets in their portfolios, and more than a third already invest in the market. European investors are more likely to have digital assets in their portfolios today, but the report also said the percentage of U.S. investors with exposure to cryptocurrency futures increased from 9 percent in 2019 to 22 percent in 2020.

Curv, which has a research and development office in Tel Aviv, Israel, said funds will be used to continue its international growth, product innovations, hiring, and for new technology inside its tX offering—an elite group of cryptographers and engineers who use Curv’s technology to develop flexible deployment models.

“Despite a challenging economic climate, we’re seeing strong growth among traditional financial institutions, who require our enterprise-grade security infrastructure, robust governance engine and seamless integration with blockchain technology,” said Itay Malinger, CEO of Curv, in a written statement. “Unlike other legacy solutions, we simultaneously deliver the protection, instant liquidity and complete control required for all institutions to thrive in the digital asset economy.”


Author: Christine Hall
Source: https://bit.ly/2YP61Fk




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