Algorand Teams Up With Crypto Custodian Curv for ‘Trusted DeFi’

The firms aim to build technology that "appeals to traditional institutions, payment providers [and] governments."

Jan 28, 2021 at 2:02 p.m. UTC
Updated Sep 14, 2021 at 11:02 a.m. UTC

Algorand, the proof-of-stake network launched by Turing Award winner Silvio Macali, has partnered with digital custody tech provider Curv to ultimately bring solutions to the decentralized finance (DeFi) space, according to an announcement Thursday. 

The arrangement will see Curv integrate Algorand within its "asset-agnostic" infrastructure, while Algorand will leverage Curv’s custody solutions internally.

The firms aim to enable institutions to build secure wallet functionality into applications on the Algorand network, backed by Curv’s multi-party computation (MPC) technology. Curv users will also be able to transact and store ALGO and ALGO-based ASA tokens. 

“We want to offer a kind of trusted DeFi,” Algorand COO Sean Ford told CoinDesk. “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 with the DeFi space.”

Curv, which has raised almost $30 million in funding since 2019, uses MPC to secure cryptographic keys by splitting them up, but doing so without sacrificing service-level functionality.

“Just three years ago, security in this industry was synonymous with either cold storage or a piece of hardware,” Curv CEO Itay Malinger said in an interview. “MPC is the quickest way to sign transactions securely without any bottlenecks, and that’s what you need for the kind of scale Algorand delivers.”

Algorand and Curv are already primed for DeFi. For example, Curv started working with lending platform Compound in the summer of last year. 

Curv said there has been demand from both the crypto world and traditional finance to support the ALGO token and tokenized assets over Algorand's network.

The New York-based custody startup also brings an institutional flavor to the table with its digital asset insurance protection up to $50 million, courtesy of Munich Re, plus various security accreditations. Its customers include investment firm Franklin Templeton, trading platform eToro and Genesis Trading, which is owned by CoinDesk parent firm Digital Currency Group.

Algorand now boasts a wide array of assets. As well as stablecoins like USDC and USDT, its network includes licensed e-money in euros, British pounds and Icelandic krona.


Read more about
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Trending

1
CoinDesk - Unknown
Sequoia's Guide to Surviving the 2022 Bear Market

Venture capitalists have gotten increasingly frantic over the last few months.

Venture capitalists have gotten increasingly frantic over the last few months.

CoinDesk - Unknown
2
CoinDesk - Unknown
NFT Art Museums Are a Good Idea

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

The metaverse turns galleries global, and helps fund the arts. This article is part of “Metaverse Week."

CoinDesk - Unknown
3
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
4
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown