Bitcoin Daily: CommerzVentures, Coinbase Ventures Part Of Curv’s $23M Fundraise; Senate Banking Committee Calls For Probe Into Cryptocrime

CommerzVentures, Coinbase Ventures Part Of Curv’s $23M Fundraise

Crypto security asset infrastructure company Curv notched $23 million in Series A funding with investment from Coinbase Ventures and CommerzVentures, among other firms, according to an announcement. The company also unveiled tX, which it describes as a top assembly of engineers and cryptographers that harness the keyless technology of Curv to create “flexible deployment models for both crypto-native and traditional financial institutions.”

Curv CEO Itay Malinger said in the announcement, “Despite a challenging economic climate, we’re seeing strong growth among traditional financial institutions, who require our enterprise-grade security infrastructure, robust governance engine and seamless integration with blockchain technology.” Malinger continued, “Unlike other legacy solutions, we simultaneously deliver the protection, instant liquidity and complete control required for all institutions to thrive in the digital asset economy.”

Curv says that it is fueling digital currency-native and institutional demand for crypto assets via multi-party computation (MPC) security infrastructure. As it stands, Curv noted that almost 80 percent of institutional investors in Europe as well as the United States see the attractiveness of digital assets, with the inclusion of over a third that have already made investments in the space.

In other news, a government watchdog would have to take a look at the function of cryptocurrency in illegitimate digital activity under legislation that the leading Democrat and Republican intend to soon bring forward, Coindesk reported. Mike Crapo (R-ID), the committee chairman, and Sherrod Brown (D-OH), ranking member, consented to the verbiage.

The Government Accountability Office (GAO) would have to report on how cryptocurrencies could be helping the drug and human tracking spaces throughout digital marketplaces within one year if the amendment is ratified. The amendment said, per the report, “Although the use and trading of virtual currencies are legal practices, some terrorists and criminals, including international criminal organizations, seek to exploit vulnerabilities.”

The verbiage is a part of the National Defense Authorization Act’s draft anti-money laundering (AML) amendment.