BNP Paribas Securities Services has partnered with Curv to complete a proof of concept on the transfer of security tokens (digital securities) securely between market participants. BNP Paribas Securities Services and Curv used the ERC1400 token standard.
According to BNP Paribas, the test saw the transfer of a security token using Curv’s multi-party computation solution to ensure the security of the private keys. BNP Pariba says the proof of concept helped to demonstrate that tokenized securities can be transferred quickly, safely, and transparently on the blockchain.
Bruno Campenon, Global Head of Financial Intermediaries and Corporates Client Line at BNP Paribas Securities Services, commented on the test:
“This proof of concept with Curv represents a significant step forward in our strategy to deliver an integrated custody solution that combines both traditional and regulated digital assets. We are now well positioned to deliver an exciting new service to our clients once regulations on digital assets are in place.”
The CEO and co-founder of Curv, Itay Malinger, added:
“Global financial players like BNP Paribas have the opportunity to play a vital role in the digital economy. To do so they require a secure and scalable infrastructure to deliver competitive custody products to their customer base. Adopted by leading financial institutions worldwide, Curv’s infrastructure is able to meet these needs and support the acceleration of innovative programs like the one BNP Paribas is spearheading with its technology and cryptographic expertise. We are excited to have been selected to partner with BNP Paribas on this pivotal engagement.”
Many industry followers believe that digital securities will eventually become the norm in the future due to the low friction process and the ability to create “smart contracts” as part of the digital asset.
Curv, headquartered in NYC and Tel Aviv, also provides additional security by insuring up to $50 million of digital assets backed by Munich Re.