Securities provider BNP Paribas has just completed a proof of concept with cloud-based cryptocurrency provider Curv to demonstrate a very secure method of transferring security tokens.
The security token was sent using advanced Curv cipher, which uses a concept called multiparty computation (MPC). Institutional technology allows transactions to be securely signed in a mathematically validated distributed manner.
According to Bruno Campenon, global head of financial intermediaries at BNP Paribas, a step has been taken towards an end-to-end storage solution that combines traditional and structured digital assets.
PoC has been conducted to demonstrate that cryptocurrency securities can be transferred quickly, securely, and transparently to the blockchain. For demonstration, use ERC-1400 security standard code, which has a stricter set of technical requirements.
Proof of concept can be described as the implementation of a particular method or idea to demonstrate that this is possible. This is often seen as a milestone towards a fully functional prototype, in this case an enterprise-class secure cryptographic storage solution with a mathematically secure transport system.
Curv should not be confused with the DeFi protocol, it offers services to store cryptocurrencies securely in the wallet. MPC technology eliminates the concept of private keys and a single point of error by signing every transaction in a secure, distributed manner to protect against cyber attacks and collisions.
Curv co-founder and CEO Etay Malinger said global financial players like BNP Paribas play an important role in the digital economy:
“To do this, they need a secure and scalable infrastructure to deliver competitive storage products to their customer base.”
Founded in 2018, Curv is headquartered in New York City and is executed by traditional financial institutions, digital asset managers, exchanges, and OTC offices. BNP Paribas provides post-trade and real estate services solutions to merchants and corporate clients in 35 countries.