Israeli digital asset security firm Curv announced on Wednesday it has raised $23 million in a Series A funding round.
The round was led through investments from CommerzVentures, Coinbase Ventures, Digital Currency Group, Digital Garage Lab Fund, and Team8.
Founded in 2018 by Itay Melinger and Dan Yadlin as part of Israeli cybersecurity think tank and company creation platform Team8, the company was first unveiled in 2019 as a digital asset wallet service providing financial institutions and enterprises with stronger security when it received $6.5 million in initial funding. The current investment brings total funding raised to close to $30 million to date.
Curv has 32 employees and is headquartered in New York with R&D in Israel.
The new funds will be used to continue Curv’s international growth, product innovations and hiring.
The company made public tX, an elite group of crytographers and engineers who use Curv’s keyless technology to develop flexible deployment models for both crypto-native and traditional financial institutions. Funds will also be used for new solutions inside tX.
Curv says it is driving traditional institutional and crypto-native demand for digital assets through its multi-party computation (MPC) security technology, a critical requirement to safely transfer, store and manage any digital asset on any blockchain or DLT.
Curv is used by dozens of customers across the globe, including global investment firm Franklin Templeton, which leverages Curv’s infrastructure to expand into the burgeoning digital asset market, and crypto-native institutions such as eToro and Genesis.
“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 Malinger, CEO of Curv. “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.”
“Few areas within fintech are as exciting as digital assets,” said Stefan Tirtey, managing partner at CommerzVentures. “Tokens and coins are
increasingly finding their way into asset managers’ books. Curv is unlocking this market with their industry-leading technology and we are happy and excited to partner with Itay, Dan and their impressive team.”