Israeli-founded startup Curv Inc., a developer of cryptographic asset protection infrastructure, announced on Tuesday a partnership with one of the world’s largest banking corporations, successfully completing a proof of concept with BNP Paribas Securities Services to transfer security tokens securely between market participants.
As part of this engagement, BNP Paribas Securities Services and Curv transferred a security token using Curv’s multi-party computation solution to ensure the security of the private keys. Curv’s solution enables transactions to be signed securely in a mathematically-proven and distributed way.
“This proof of concept with Curv represents a significant step forward in our strategy to deliver an integrated custody solution that combines both traditional and regulated digital assets,” said Bruno Campenon, Global Head of Financial Intermediaries and Corporates Client Line at BNP Paribas Securities Services. “We are now well positioned to deliver an exciting new service to our clients once regulations on digital assets are in place.”
To carry out this transaction, BNP Paribas Securities Services and Curv used the ERC1400 token standard.
Curv was founded in 2018 by entrepreneurs Itay Malinger, who serves as CEO, and Dan Yadlin, who serves as CTO. Both of whom are alumni of the Israeli military intelligence’s Talpiot program. Curv has offices in Tel Aviv and New York and employs 32 people, 25 of whom are in Israel. The company raised $23 million in round A funding three months ago. Investors in the round included CommerzVentures Coinbase Ventures, Digital Currency Group, Team8, and Digital Garage Lab Fund. In the seed round, the company raised $6.5 million.
Curv has developed encryption technology based on multi-party computation (MPC) that secures digital assets and enables the transfer, storage, and management of any digital asset on any blockchain or distributed log (DLT). The company said it now has dozens of institutional customers who transfer billions of dollars each month on the company’s security platform.
“Global financial players like BNP Paribas have the opportunity to play a vital role in the digital economy. To do so they require a secure and scalable infrastructure to deliver competitive custody products to their customer base,” explained Malinger, co-founder and CEO of Curv. “Adopted by leading financial institutions worldwide, Curv’s infrastructure is able to meet these needs and support the acceleration of innovative programs like the one BNP Paribas is spearheading with its technology and cryptographic expertise.”
In another partnership in the blockchain space, Israeli cybersecurity firm GK8 announced earlier this week that it will be collaborating with Chainalysis, the blockchain analysis company, to help financial institutions identify high-risk activity including terrorism financing, money laundering, scamming, and more. Users of GK8’s custody platform will now have the option to integrate with Chainalysis KYT (Know Your Transaction), the compliance solution that provides real-time transaction monitoring of large volumes of cryptocurrency activity to identify high-risk transactions.
“Money laundering is not just a huge issue for anyone in the blockchain ecosystem – it’s also a barrier that keeps traditional financial institutions from jumping on the crypto bandwagon,” said GK8 co-founder and CEO, Lior Lamesh. ”The integration of Chainalysis to our platform addresses this issue, providing banks with best-in-class technology to prevent money laundering attempts by criminals and terrorists alike. In the grand scheme of things, this partnership is a big step forward in legitimizing digital currency, turning it into a mainstream investment channel.”