$1.4 trillion asset manager backs crypto startup Curv, bringing total funds raised to $30 million

Crypto security startup Curv is beefing up its cap table with two new investors, including $1.4 trillion asset manager Franklin Templeton.

Franklin Templeton is joined by financial technology venture capital investor Illuminate Financial Management. The fresh injection of capital brings the firm's total amount raised to $30 million, according to Josh Schwartz, COO at Curv. Previous investors include Commerz Ventures, Coinbase Ventures, and Digital Currency Group. 

A pioneer of multi-party computation crypto storage technology, Curv's infrastructure is leveraged by an array of financial services companies, including Franklin Templeton. In November 2019, the firm announced it would use Curv's tech to secure the funds of a new money market account that would be recorded on the Stellar blockchain.


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Specifically, Curv would have removed the need for the investment firm to manage private keys which delivers "instant availability and total autonomy over digital assets," according to the company.  

"Curv’s cloud-based service and tech stack eliminates the concept of private keys through multi-party computation (MPC), allowing for blockchain transaction signing in a secure, distributed way to protect against cyber breaches and insider collusion," commented Joe Boerio, EVP, Chief Risk and Transformation Officer at Franklin Templeton. 

Since last year, there have been no public updates on the Stellar-based money market account, which would have required a sign-off from the U.S. Securities and Exchange Commission. A representative of Curv declined to comment on whether the project was still in the works. 

Elsewhere, Curv and French banking behemoth BNP Paribas revealed a proof of concept focused on securely transferring security tokens. And since the Office of the Comptroller of the Currency gave federal banks the green-light to provide custody services for digital assets, Curv has seen an increase in interests among banks in its services, according to Schwartz. 

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].