Forefront Communications

The Block: $1.4 Trillion Asset Manager Backs Crypto Startup Curv, Bringing Total Funds Raised to $30 Million

Forefront Communications

Forefront Communications

Crypto security startup Curv is beefing up its cap table with two new investors, including $1.4 trillion asset manager Franklin Templeton.

Franklin Templeton is joined by financial technology venture capital investor Illuminate Financial Management. The fresh injection of capital brings the firm’s total amount raised to $30 million, according to Josh Schwartz, COO at Curv. Previous investors include Commerz Ventures, Coinbase Ventures, and Digital Currency Group.

A pioneer of multi-party computation crypto storage technology, Curv’s infrastructure is leveraged by an array of financial services companies, including Franklin Templeton. In November 2019, the firm announced it would use Curv’s tech to secure the funds of a new money market account that would be recorded on the Stellar blockchain.

Specifically, Curv would have removed the need for the investment firm to manage private keys which delivers “instant availability and total autonomy over digital assets,” according to the company.

“Curv’s cloud-based service and tech stack eliminates the concept of private keys through multi-party computation (MPC), allowing for blockchain transaction signing in a secure, distributed way to protect against cyber breaches and insider collusion,” commented Joe Boerio, EVP, Chief Risk and Transformation Officer at Franklin Templeton.

Since last year, there have been no public updates on the Stellar-based money market account, which would have required a sign-off from the U.S. Securities and Exchange Commission. A representative of Curv declined to comment on whether the project was still in the works.

Elsewhere, Curv and French banking behemoth BNP Paribas revealed a proof of concept focused on securely transferring security tokens. And since the Office of the Comptroller of the Currency gave federal banks the green-light to provide custody services for digital assets, Curv has seen an increase in interests among banks in its services, according to Schwartz.

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