Curv, a provider of cryptocurrency custody infrastructure, has been backed in an extended Series A funding round by investment firm Franklin Templeton and fintech-focused VC firm Illuminate Financial Management.
- The two new investors join companies such as CommerzVentures, Coinbase Ventures, CoinDesk parent firm Digital Currency Group, Team8 and Digital Garage in the round, Curv announced Thursday.
- An updated raise total was not disclosed, but as of July 1, $23 million had been placed in the startup's coffers.
- Curv offers cloud custody services based on multi-party computation technology to "safely transfer, store and manage any digital asset on any blockchain or DLT," according to the announcement.
- "Curv ... eliminates the concept of private keys through multi-party computation, allowing for blockchain transaction signing in a secure, distributed way to protect against cyber breaches and insider collusion," said Joe Boerio, EVP and chief risk and transformation officer at Franklin Templeton.
- While the Series A was closed in July, Curv co-founder and CEO Itay Malinger said the new investors had sought to join the round soon after.
- “The addition of Franklin Templeton is a barometer of the traditional industry’s shift into digital assets," he said.
- Last November the investment firm tapped Curv to help safeguard its shares by building a transaction signing and management system for its fund.
- Franklin Templeton (ticker: BEN) is a New York-listed global investment firm founded in 1947.
- At the close of 2019, the company held $698 billion in assets under management.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.