Development seems to be happening every-day in the crypto world, and this time Curv is breaking the amazing news to the crypto enthusiast. Curv, the crypto securities firm has partnered with Munich Re –the leading insurance company. The collaboration will further allow Curv to obtain insurance coverage of worth $50 million. The news was announced by Curv firm on May 10th.
The new insurance package will include coverage for any of the incidence that consists of hacker that has the ability to access the shares of customer’s or Curv. In order to complete an illegal transaction both the parties need to attach their signatures.
It further mentioned during the press release:
The most important feature of Curv’s crypto wallet is they operate without private keys, and for users, it’s a common option to access their encrypted information.
Adrian Bednarek- a senior security analyst working at Independent Security Evaluators (ISE) recently found that blockchain bandit was robbing Ethereum (ETH) and trying to deceive users with vulnerable private keys. As per Bednarek, the private keys were operating as the user password and user identification, at the same time.
Multi-party computation (MPC) will be used by Curv. Curv is even trying to offer a single Omni-purpose wallet rather than having various hot and cold wallets over the online crypto trading. The MPC systems will not use the traditional username or password private key in order to retrieve information.
The partnership is certainly going to benefit Curv, as the payments will be made for even losses caused due to digital assets. The claims that are circulated are that digital currencies cannot be uplifted by hackers with a single online click which are within the Wallet Service of Curv and neither by insiders. If there is any breach then the insurance package will deal with it.