Financial institution BNP Paribas has finished a PoC (proof-of-concept) by partnering with Curv, a cloud based crypto wallet provider, to illustrate an extremely safe method of transferring security tokens.
The security token was moved utilizing Curv’s state-of-the-art cryptography which applies a strategy named multi-party computation (MPC). The institutional level technology paves way for transactions to be safely signed in a mathematically verified, distributed manner.
The initiative is a step in the creation of an integrated custody solution that brings together both conventional and regulated digital assets, as per Bruno Campenon, Global Head of Financial Intermediaries at BNP Paribas.
The proof-of-concept was conducted to illustrate that tokenized securities can be moved quickly, safely and openly on the blockchain.
It utilized an ERC-1400 security standard token, which calls for stringent technical adherence for the illustration.
A Proof-of-Concept could be explained as an implementation of a particular idea in real-world scenario and prove its feasibility. It is generally regarded as a landmark in the way towards the creation of a fully operating prototype, in this instance a safe enterprise level crypto custody solution with a mathematically safe transfer system.
Curv, not to be misunderstood with DeFi covenant Curve, offers safe crypto custodial facilities on a cloud based wallet. Its MPC technology removes the idea of private keys and one point of collapse by recording all dealings in a safe, distributed manner, without worrying about cyber-attacks and insider conspiracy.
Itay Malinger, Co-founder and CEO of Curv, opined that international financial players such as BNP Paribas will perform a major role in the digital economy:
“To do so they require a secure and scalable infrastructure to deliver competitive custody products to their customer base.”
Established in 2018, Curv, headquartered in New York, caters to conventional financial institutions, exchanges, digital asset managers and OTC desks. BNP Paribas offers multi-asset post trade and asset managing solutions for traders and enterprises in over 35 countries.
