Franklin Templeton Joins Series A Round for Crypto Custodian Curv

Curv, a provider of cryptocurrency custody infrastructure, has been backed in an extended Series A funding round by investment firm Franklin Templeton and fintech-focused VC firm Illuminate Financial Management.

• The two new investors join companies such as CommerzVentures, Coinbase Ventures, CoinDesk parent firm Digital Currency Group, Team8 and Digital Garage in the round, Curv announced Thursday.
• An updated raise total was not disclosed, but as of July 1, $23 million had been placed in the startup's coffers.
• Curv offers cloud custody services based on multi-party computation technology to "safely transfer, store and manage any digital asset on any blockchain or DLT," according to the announcement.
• "Curv ... eliminates the concept of private keys through multi-party computation, allowing for blockchain transaction signing in a secure, distributed way to protect against cyber breaches and insider collusion," said Joe Boerio, EVP and chief risk and transformation officer at Franklin Templeton.
• While the Series A was closed in July, Curv co-founder and CEO Itay Malinger said the new investors had sought to join the round soon after.
• “The addition of Franklin Templeton is a barometer of the traditional industry’s shift into digital assets," he said.
• Last November the investment firm tapped Curv to help safeguard its shares by building a transaction signing and management system for its fund.
• Franklin Templeton (ticker: BEN) is a New York-listed global investment firm founded in 1947.
• At the close of 2019, the company held $698 billion in assets under management.

Also read: Fidelity, Vanguard, Schwab Funds Have Been Loading Up on Crypto Mining Stocks