Israeli digital asset security firm Curv announced on Wednesday it has raised USD 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 an institutional digital asset wallet service to give financial institutions and enterprises strong security, with USD 6.5 million in initial funding. The current investment brings total funding raised to close to USD 30 million.
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.
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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 digital assets 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.”
This article first appeared in NoCamels, which covers innovations from Israel for a global audience.