The Algorand project, in collaboration with digital storage technology developer Curv, will create solutions for “trusted” DeFi applications on its blockchain.
Under the terms of the agreement
Curv will integrate Algorand into its infrastructure, and Algorand will use Curv’s storage solutions. The firms want to give businesses the ability to embed secure wallet functionality into applications on the Algorand blockchain using Curv multi-party computing technology. Curv users will also be able to make transactions and store ALGO and ASA-based crypto assets.
“We want to offer a kind of ‘trusted’ DeFi solution,” said Sean Ford, Chief Operating Officer of Algorand. “Of course, we are creating a technology that can appeal to traditional institutions, payment operators and governments. Curv connects traditional investors with the DeFi industry.”
Curv uses multi-party computing to protect cryptographic keys by separating them, but without sacrificing service-level functionality.
“Just three years ago, security in this industry was synonymous with cold storage or the use of special equipment,” said Curv CEO Itay Malinger. “Multi-party computing is the fastest way to securely sign transactions without any problems. This is what is needed for the scale that Algorand provides.”
According to Curv, there is a demand for support for ALGO and tokenized assets in the Algorand network from both cryptocurrency projects and traditional financial organizations.
Recall that in September, the Center launched the
USDC stablecoin on the Algorand blockchain. Last summer, Archax and Algorand announced that they would develop
tools for implementing DeFi among institutional investors, and the Algorithand blockchain was added
state-fixing smart contracts.