Curv, a crypto securities firm is going to obtain a $50 Million in insurance from the insurance company Munich Re. This was announced by Curv in a news release on May 10. This insurance is designed to make sure that in case of a bad actor getting access to either Curv’s or the customer’s shares.
In order to sign off an illicit transaction, both of these accesses would be required which makes it difficult to violate the corporate policies of the coin, makes it difficult for someone who wants to make any illegal transactions.
However, in case, both the networks are simultaneously compromised, this loan would help both the company and the customers to cope with any losses that could occur due to any transaction that was initiated outside the corporate policy. It would make sure that the stability is not lost due to any unfortunate incident happening in their platform.
The Feature that Makes Crypto Wallets more Secure
There’s an important distinction between Curv’s wallet than other wallets in the market. This important distinction is in the absence of a Private Key, a security login number used by many other crypto wallets. This private key is both their login Id and Password. Instead of this standard private key, Curv employes a Multi-Party Computation to make login secure.
This way, Curv doesn’t have to rely on a single private key to make access secure. They also provide an all-purpose wallet, instead of different hot and cold wallets for different purposes. It makes a lot easier for users to make transactions and keep records.
The Rising Concerns
The idea of securing a loan on the funds could have stemmed from the recent Bitcoin heist from the crypto exchange Binance, which cost the crypto exchange a whopping $40 Million. These increased will make sure that there are minimum risks involved with the transactions made in cryptocurrencies.
All the crypto tokens and their companies are trying to move towards transactions that as secure as possible. There’s still an uncertainty attached with cryptocurrencies which makes it difficult for the currencies to become mainstream currencies. The more innovative technologies and protocols would help make things better in the future.
For now, making people aware of the level of security that they are trying to reach is enough to make them understand that cryptocurrencies are in fact way better than the fiat currencies which we use every day. Fact is, even the biggest fiat currencies have faced uncertain and volatile ages throughout history and have had huge implications on the economy.