- Algorand (ALGO) today announced its partnership with digital storage technology provider Curv, in a move that demonstrated its intention to go deeper into the decentralized finance (DeFi) environment.
Algorand (ALGO) today announced its partnership with digital storage technology provider Curv, in a move that demonstrated its intention to go deeper into the decentralized finance (DeFi) environment.
Essentially, both organizations aim to enable organizations to develop secure, scalable, and decentralized wallet functionality for applications on the Algorand network, and work with Curv’s multilateral computing (MPC) technology. Specifically, the partnership means that Curv users can buy and sell ALGO and tokens built on Algorand.
Commenting on the development, Algorand COO Sean Ford said:
“We want to offer some kind of reliable DeFi. Sure, we’re developing technology that appeals to traditional institutions, payment providers [and] governments. Curv represents the convergence of traditional financial investors with the DeFi space. ”
For starters, Curv has raised close to $ 30 million since 2019. The project not only uses the innovative MPC to split and secure cryptographic keys, but also does this without compromising the security of service level functionality.
In a recent interview, Malinger, CEO of Curv, noted:
“Just three years ago, security in this industry was synonymous with either a cold wallet or a piece of hardware. MPC is the fastest way to securely sign transactions without any bottlenecks, and this is what you need for the type of scale Algorand offers. ”
In addition, Curv stated that there is a healthy demand from both the cryptocurrency ecosystem and traditional finance to help ALGO token and tokenized assets through the Algorand blockchain.
DeFi space continues to grow
Close followers of the digital assets space will remember the “DeFi summer” of 2020, which really saw the potential of DeFi protocols reflected in the horrendous increase in the price of DeFi tokens such as AAVE, SNX, UNI.
According to the data of DeFi Pulse, this value is at the level of $ 26.33 billion at the time of writing.