Digital asset security company, Curv has announced the launch of its enterprise-grade decentralized finance (DeFi) solution for institutions.
Cure said after successfully integrated it with the Compound protocol earlier this year, it now has roped in a new partnership agreement with ConsenSys.
Through this partnership, Curv will leverage MetaMask’s market leading DApp interoperability and user interface (UI) to provide clients with a unique offering that combines ease-of-use with the enterprise-controls and enforcement mechanisms institutions require to build out their DeFi strategies. MetaMask is a wholly owned subsidiary of ConsenSys.
DeFi generally refers to digital assets and financial smart contracts, protocols and DApps. DeFi aims to create a financial system that is open to everyone and minimizes one’s need to trust and rely on central authorities.
During the start of 2020, over USD $5 billion of value was locked in DeFi smart contracts, predominantly in retail borrowing and lending platforms.
Today there value of DeFi in smart contracts is over USD $14 billion, which is expected to accelerate as financial institutions enter the market.
Speaking on this development, ConsenSys Global Fintech Co-Head Patrick Berarducci said, “MetaMask is the premier non-custodial experience for interacting with DeFi applications. We are excited to partner alongside technology leaders like Curv to build institutional-grade operations and compliance that traders need in order to really start growing their participation in DeFi.”
The greatest impediments to institutional adoption of DeFi have been the inability to seamlessly adopt DApps, support all the various DeFi protocols and provide the required levels of security.
With the implementation of Curv DeFi, adopters can accelerate their DeFi strategy by avoiding custom integrations for all DApps and DeFi protocols. It also benefits from the same enterprise-level controls and protections they are accustomed to for their digital asset operations. The platform also leverage the institutional onramps needed to conduct secure transfers in support of their DeFi strategy.
Curv Co-Founder and CEO Itay Malinger said, “We believe by combining our unique multi-party computation (MPC)-based security infrastructure with MetaMask we will be able to play a significant role in the institutional adoption of DeFi.”
“We are excited by the launch of our institutional DeFi solution and look forward to helping MetaMask achieve the same level of success in the institutional market that they have in retail,” Malinger added.
Commenting on this development, CEO of decentralized money market Aave Stani Kulechov said, “Curv’s iteration of DeFi will allow institutional customers to interact with all smart contracts, removing both operational inefficiencies and risks. Aave is excited to explore these synergies with Curv to make it easier than ever to onboard institutions to DeFi and bring the space closer to mainstream adoption via Curv’s newest solution.”
Founded in 2018, Curv is a leading digital asset security infrastructure delivering a fully scalable, enterprise-grade and compliant cloud service. Headquartered in New York with R&D offices in Tel-Aviv, Israel, Curv is the only cloud-based, MPC wallet provider for institutional digital assets and the first of its kind to achieve both SOC2 Type II Certification and ISO 27001 accreditation.