Last week digital wallet platform Curv
announced its insurance partnership with Munich Re. Assets held in Curv’s wallets are now covered up to the sum of $50m, after last year’s assessment by the German insurance giant.
Curv’s statement cites cyber attacks costing millions of dollars in digital currency, such as the recent hack of cryptocurrency exchange Binance, as motivation for the coverage. Their insurance covers these hacks along with malicious behavior by Curv or any of its staff.
Relatively new on the digital wallet scene, Curv was established last year in Tel Aviv. Meanwhile, Munich Re is one of the world’s leading reinsurers, with its primary insurance arm earning a S&P AA-rating. Curv’s statement claims that an attack on its wallets is extremely unlikely, and that Munich Re’s insurance is partly for peace of mind for customers.
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