More security for institutional investors: Munich re insured crypto-assets in millions

the The insurance giant, Munich re has issued to the FinTech companies Curv a Police, after the investment in crypto-currencies to be secured against theft. Institutions and organizations may enjoy the protection of their deposits in the amount of 50 million US dollars.

Max Halder
14. May 2019BTC$8.015,00 3.63%part Facebook Twitter LinkedIn xing mail

a Lot of people approach the car due to the horror news in the crypto-Space, not in Bitcoin & co. You read of a Hack, the loss of crypto-Coins and the impending ban of Bitcoin. Often a little push is enough to that painstakingly built confidence to tip over. Especially when it comes to money, you want to know. On this Front, the FinTech company Curv has now reached a milestone and a partnership with the insurance giant Munich re announced.

The Alliance of the Curv and Munich re

the Blockchain and crypto-currencies are insurance longer on the Agenda. As we already reported at the beginning of 2017 from the Blockchain Insurance Industry Initiative, Munich re. Curv is a U.S. company with headquarters in New York and a research Department in Tel Aviv.

"[We] will in the future be able to settle losses from crypto-Investments," it said in a press release last Friday, the 10. May.

The company is aimed primarily at organisations and institutions, precisely those investors, which could provide for area-wide trust in Bitcoin & co. "Their approach allows us to find a policy that covers the customer-controlled Wallets on the Internet", gave Ali, Thanks, chief of the Department for cyber innovation, and cyber services for the Munich re to paper. Thus, institutional investment in the amount of 50 million US dollars by Munich re are now insured. Even if "digital assets neither due to individual cyber-attacks by insider understandings of Curvs Wallet Service can be swiped", is incorporated with this policy, additional security, explains Itay Mali, Viking, CEO at Curv. Thus, the investments themselves are in front of Curv and its employees. Our "product uses Multi-Party Computation [MPC] for the Handling of the Private key, whereby the Private Keys themselves," so Mali the Viking.

Multi-Party Computation (MPC)

In the case of a MPC (in English: Multi-party computation), the Private Key is torn, to some extent, in two or more parts. Thus, none of the Parties has complete control over the Private Key. A Protocol to exchange the various parties, calculate the corresponding Output. For this to work, without the need for the parties to promote, as its part of the Private Key looks like. Due to this Multi-Party Computations "is added to the signature mechanism, distributed security concept beige", explained Mali nger.

"This is a unique solution to the risk transfer represents a milestone in the regulation of the insurance of digital asset classes [...]. By Curvs Institutional Wallet Service does not have to worry about their customers any longer. The insured Service combines cryptographic security, user-friendliness and flexibility of a Cloud.“

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