Crypto custody firm Curv recently raised $23 million in a Series A funding round. The round saw the participation of multiple industry players including Coinbase Ventures and the Digital Currency Group.
The startup provides cryptocurrency custody services to institutions with an innovative computation method.
Curv allows enterprises to remove the need for keys through their multi-party computation (MPC) cryptography method.
The MPC method is different from multi-signature technology as it utilizes a randomly generated key instead of a fixed private key to validate transactions. The technology generates key shares that are stored and computed separately to authorize a transaction.
On the other hand, multi-signature technology uses distinct signatures generated by various fixed private keys to authorize transactions.
The firm claimed that the MPC method allowed users to save 60-70 percent in transaction fees in their transition from multi-signature technology. MPC has less hidden gas costs and consumes lower network fees.
Series A funding
The firm raised $23 million in a recent funding round from a host of notable industry players. The participants included Coinbase Ventures, Israeli cybersecurity group Team8 and Digital Currency lab. Other investors included Digital Garage lab Fund, Daiwa Securities, and Commerzbank Group’s venture arm CommerzVenture.
The firm plans to utilize the recent capital to develop its infrastructure and expand its business across the globe.
Curv has also made its “tX” initiative public that consists of a group of cryptographers that use Curv’s technology to develop crypto custody solutions.
The firm previously conducted a funding round last year, raising $6.5 million by Team8 and Digital Currency Group among other investors.