PayPal announces plans to acquire Curv, a crypto security firm
- PayPal didn’t disclose the financial terms of this deal but seeks to seal it in the first half of 2021.
- Through this acquisition, the payments-focused firm aims to expand its pro-crypto initiatives.
- Reportedly, PayPal chose Curv after taking interest in the dedication of its team.
PayPal is gearing up to purchase Curv, a Tel Aviv-based provider of cloud-based infrastructure for digital asset security. The payments giant unveiled this news through a press release on March 8, noting that it seeks to expand its efforts to support cryptocurrencies and digital currencies through this acquisition. Reportedly, Curv will join PayPal’s newly-developed business unit, which focuses on the blockchain, crypto, and digital currencies once the deal is complete.
Commenting on this move, the vice president, and general manager of PayPal’s blockchain, crypto, and digital currencies business unit, Jose Fernandez de Ponte, said,
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The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system.
Explaining why PayPal chose Curv out of all crypto security firms, Ponte said that Curv’s team had outstanding traits, such as technical talent, entrepreneurial spirit, and the intellectual capabilities that saw the team develop the technology that backs its operations.
Per the press release, PayPal intends to complete this acquisition in the first half of this year. However, the firm did not reveal the financial terms of the agreement.
Forging strategic partnerships to boost crypto adoption
Founded by Itay Malinger and Dan Yadlin in 2018, Curv is famous for providing digital asset security technology in the form of a fully scalable, enterprise-grade, and compliant cloud service. Through its multi-party computation (MPC) technology, the company offers institutions protection, instant availability, and complete autonomy over digital assets simultaneously. In so doing, Curv helps corporate companies succeed in the digital economy.
This news comes after PayPal embraced crypto in October last year. At the time, the service was limited to select clients in the US. Since then, the company has expanded the offering to include all US citizens with valid accounts. In these continued expansion efforts, the company disclosed that it aims to avail its crypto offering in the UK over the next few months.