The French bank, BNP, is finalizing a pilot project with the startup crypto Curv. BNP Paribas Securities Services is testing the transfer of security tokens. This is a step towards the provision of custody services for digital assets.
BNP Paribas continues to prepare for the transformation of financial markets and the development of digital assets. In September, its subsidiary began designing blockchain applications for real-time exchange and settlement via smart contracts.
At the same time, the bank is conducting experiments in the field of crypto-assets. In partnership with Israeli startup Curv, BNP Paribas Securities Services has just finalized a PoC (Proof-of-Concept).
Secure transfer of an ERC-1400 security token
The two companies are therefore conducting tests to guarantee the security of token security transfers between market players (based on the ERC-1400 standard). To carry out this transfer, BNP Paribas relies on Curv’s multipartite calculation solution.
This technical platform makes it possible to offer protection for the private keys associated with the tokens. For the major French bank, however, this is only one step. It is preparing itself technically to provide new financial services to its customers.
“This proof of concept with Curv represents an important step in our strategy to provide an integrated custody solution that combines both traditional and regulated digital assets,” said Bruno Campenon, one of the executives.
All that is now missing is a legal framework for BNP. “We are now well-positioned to offer a new service (…) once the regulation of digital assets is in place,” says the executive.
Custody services for digital assets
For Curv, this partnership with an international bank is a new milestone. A few months earlier, the startup had raised $23 million (Series A). Its MPC (multi-party computation) technology provides security for digital assets.
But it also enables the transfer, storage, and management of these assets on any distributed blockchain or registry. Curv hopes to capitalize on the interest of financial giants to win new customers.
“Global financial players such as BNP Paribas have the opportunity to play a key role in the digital economy. To do so, they need a secure and scalable infrastructure to offer competitive storage products to their customers,” says CEO Itay Malinger.
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