Algorand Announces Partnership With Digital Custody Tech Provider Curv For “Trusted DeFi.”
Algorand, the first pure Proof-of-Stake blockchain platform founded by Turing award winner Silvio Macali has announced its partnership with Curv, a digital custody tech provider. Curv is among the world's most trusted digital asset security platform. This announcement shows Algorand's intention of cementing itself in the DeFi space. The partnership will help Algorand in implementing more solutions to the DeFi space, while Curv will benefit from integrating Algorand into its "asset-agnostic" infrastructure.
The partnership will enable Algorand and Curv to develop secure wallet functionality into applications that run on the Algorand network, powered by Curv's multiparty computation technology (MPC). Curv users will also be able to store and trade Algo and Algo based ASA tokens.
W. Sean Ford, COO of Algorand, stated that Algorand is pleased to partner with Curv and that the two companies have an "aligned vision for advanced technology that is required to modernize the financial systems of the future." The COO also told CoinBase "We want to offer a kind of trusted DeFi. To be sure, we are building technology that appeals to traditional institutions, payment providers, and governments. Curv embodies the coming together of traditional financial investors and the DeFi space."
Joe Schwartz, the COO of Curv, added, "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."
How Does Curv's MPC Based Infrastructure Work?
Curv has raised almost $30 million in funding since 2019. Curv leverages MPC to secure cryptographic keys. It secures them by splitting them, but it does not compromise on the safety of service-level functionality.
Curv's MPC based infrastructure removes the need for private keys for a transaction, thereby removing the single point of failure. The off-chain approach is the safest and most scalable way to sign transactions and manage digital assets on the blockchain. Curv offers insurance protection of up to $50 million for digital assets through Munich Re, a leading insurance provider. Curv is also the only MPC solution that has achieved ISO accreditation and SoC2 Type 2 certification. Curv is trusted by both crypto and traditional financial institutions. These include investment managers and leading global banks like BNP Paribas.
Algorand's Technology Allows Economies To Thrive.
Algorand provides technology that allows economies to thrive. The blockchain is designed with Layer-1 core primitives, enabling speed, security, scale, finality, and smart contracts. Algorand enables faster transactions and low transaction fees, helping the adoption of crypto assets among mainstream financial institutions.
Algorand supports several stablecoins, including licensed e-money in Euros, British pounds, Icelandic Krona, Stablecorop's QCAD (the first fully-compliant Canadian-Dollar Stablecoin), and Tether's USDT (the most widely circulated stablecoin)
Curv is a digital asset security platform. The platform is often touted to be among the most secure platform for digital assets. It has set a new standard for digital asset security through the use of keyless cryptography, delivering a secure, versatile, and scalable digital asset security solution. The platform's multiparty computation gives institutions unbeatable protection, instant availability, and complete autonomy over digital assets. Curv is the only institutional cloud-based MPC wallet provider and the first to achieve SoC2 type 2 Certification in the space. Curv's security and autonomy has made it extremely popular, with the platform being adopted by leading exchanges, brokers, OTC desks, custodians, digital asset managers, and traditional financial institutions. Curv has also secured investors' support, such as Team8, Digital Currency Group, Jump Capital, Monex Group, and Flybridge Capital Partners.
Algorand is an open-source, permissionless pure proof-of-stake blockchain protocol that is driving the next generation of financial products. The platform expands on the use cases of cryptocurrencies by increasing transaction speeds and reducing the time taken to achieve transactional finality.
Founded by Turing award-winning professor Silvio Micali, Algorand has the backing of a reliable team, a strong technology, and investors who have backed the platform. Algorand uses pure Proof-of-Stake, which enables it to confirm transaction blocks in seconds. This provides instant transactional finality to all transactions on the platform. The platform also offers users smart contracts and atomic transfers.
Algorand is experiencing significant growth, with an average of 500,000 daily transactions. The platform has over 500 companies developing applications on it, thanks to Algorand's layer-1 smart contract functionality.