Wednesday, February 17, 2021 8:48:45 PM
The firms aim to build technology that "appeals to traditional institutions, payment providers [and] governments."
Ian Allison
Jan 28, 2021 at 9:02 a.m. EST
Updated Jan 28, 2021 at 10:50 a.m. EST
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 (+8.72%) 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 (-0.02%) and USDT (+0.02%), its network includes licensed e-money in euros, British pounds and Icelandic krona.
https://www.coindesk.com/algorand-teams-up-with-crypto-custodian-curv-for-trusted-defi
Recent ALGOUSD News
- Algorand Foundation CEO’s X Account Compromised As Spree of Crypto Social Media Hacks Continue • The Daily Hodl • 01/27/2024 09:00:09 PM
- Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion • NEWSBTC • 01/27/2024 01:00:15 AM
- Bitcoin Crash Ahead: Expert Predicts Testing $20K Before Rebound • NEWSBTC • 01/26/2024 11:00:46 PM
- Hacker mocks Algorand after maintaining control of CEO’s X account for 15 hours • Cointelegraph • 01/26/2024 07:40:00 PM
- Algorand CEO’s X Account Hacked, Is Justin Sun Involved? • NEWSBTC • 01/26/2024 03:10:48 PM
- Algorand CEO’s X account compromised, hacker posts satirical tweets • Crypto Briefing • 01/26/2024 10:36:13 AM
- Algorand CEO’s hacked account dances into pole position • Cointelegraph • 01/26/2024 08:20:00 AM
- Bitcoin Whale Addresses Hit 15-Month High – A Sign Of Growing Accumulation? • NEWSBTC • 01/20/2024 08:20:14 AM
- Algorand (ALGO) Stuns In Q4: Market Cap Soars, TVL Doubles, And User Base Skyrockets • NEWSBTC • 01/20/2024 03:00:25 AM
- Algorand shaves block times by 20% after Dynamic Lambda upgrade • Cointelegraph • 01/18/2024 04:41:22 AM
- Hedera partners with Algorand to develop a ‘decentralized recovery’ protocol • Crypto Briefing • 01/12/2024 12:14:16 AM
- Hedera and Algorand partner to develop decentralized wallet recovery system • Cointelegraph • 01/11/2024 02:14:17 PM
- XRP In December 2023: Decoding An 800% Nostalgia And The Hope For $1 • NEWSBTC • 12/25/2023 12:00:15 PM
- Polkadot Pops: Price Hits Fresh 2023 Peak, Breaking Through Doubts • NEWSBTC • 12/24/2023 12:10:23 PM
- Google AI Predicts When XRP Price Will Cross $5 And What Will Drive It • NEWSBTC • 12/24/2023 10:40:28 AM
- Solana Surges Above $117 As Meme Coin Craze Extends Market Momentum • NEWSBTC • 12/24/2023 06:31:30 AM
- Bitcoin's 8-week win streak is in danger, but ATOM, FIL, EGLD, and ALGO don't care • Cointelegraph • 12/17/2023 03:52:15 PM
- FIFA launches NFT collection amid 2023 World Cup • Cointelegraph • 12/11/2023 07:24:07 PM
- Crypto This Tuesday: BlackRock Receives $100,000 for Bitcoin ETF, Robinhood’s Trading Volume Grows 75%, and More • IH Market News • 12/05/2023 06:39:22 PM
- United Nations agency to upskill thousands of staff in blockchain tech • Cointelegraph • 12/01/2023 05:02:59 AM
- Crypto this Thursday: Robinhood Aims for British Market, MicroStrategy Expands Investment in BTC, and More • IH Market News • 11/30/2023 07:40:35 PM
- Bitcoin struggles to flip $38K to support, while UNI, IMX, VET and ALGO aim to push higher • Cointelegraph • 11/26/2023 06:57:48 PM
- VET, IMX, GRT and ALGO show bullish setups as Bitcoin trades above $37K • Cointelegraph • 11/12/2023 07:47:52 PM
- XRP Price Outlook: Expert Forecasts Potential Rise To $5.5 • NEWSBTC • 11/11/2023 04:00:50 AM
- Algorand (ALGO) NFT Rewards Skyrocket: Transactions Surge 320% In Q3 • NEWSBTC • 11/10/2023 07:00:58 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM