Crypto Custodian Curv Is Helping Institutions Dabble in DeFi With Compound Integration
Custody startup Curv is utilizing the main lending protocol in decentralized finance (DeFi) to assist establishments that wish to earn cash on idle crypto.
By means of the Compound protocol, Curv is providing its service to asset managers, exchanges and different institutional purchasers. Solely deposits can be supported for now, although Curv says there are plans to allow purchasers to borrow crypto property via Compound within the close to future.
“We received requests for it possibly about two, two-and-a-half months in the past,” mentioned Curv Chief Working Officer Josh Schwartz. “Compound is the primary DeFi integration. They’ve seen plenty of progress these days, and so they cleared the path with 40% of DeFi worth locked up of their protocol.”
Schwartz wouldn’t touch upon what Curv’s subsequent DeFi integration can be, however to make Compound occur the corporate needed to construct a separate “coverage engine” that matched up with Compound’s Ethereum-based good contracts.
“[Compound] has a protracted listing of establishments who would like to work together with them however want a safe stack to take action,” Schwartz mentioned.
Curv is a custody startup that focuses on multi-party computation. In April, the corporate expanded into Asia with an workplace in Hong Kong and a partnership with Japan-based Crypto Storage. Earlier this month, Curv introduced a $23 million Sequence A funding spherical with backing from the likes of Coinbase Ventures and the funding arm of Germany’s Commerzbank.
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