American cryptography firm Curv has partnered with Munich Re to offer insurance coverage of up to $50m for digital assets in its Institutional Digital Asset Wallet Service.
This opt-in solution will offer comfort to customers as Curv will have the financial capability to compensate for losses of crypto assets.
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A primary insurance carrier of Munich Re Group will underwrite the risk for Curv in the new partnership.
Further assuring its customers, Curv said that it has developed multi-party computation (MPC) protocols to sign blockchain transactions.
It abolishes any possibility of stealing digital assets from Curv’s Wallet Service with a single cyber breach or even through insider collusion.
Munich Re head of cyber innovation and services Ali Kumcu said: “The novel cryptographic methods deployed in Curv’s Institutional Digital Asset Wallet Service reduce the risks associated with holding digital assets.
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By GlobalData“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.”
