Payment giant PayPal has announced that it is all set to acquire Israeli cloud-based digital asset security company Curv to expand its footprints in cryptocurrencies and digital assets.
According to the press release by PayPal on Monday, March 8, the acquisition of Curv is expected to be completed in the first half of 2021. The financial terms of deals are not disclosed in the press release, but according to some insiders, the deal has been finalized for nearly $200 million.
Curv, based in Tel Aviv, was founded in 2018. Curv is a leading provider of cloud-based infrastructure for digital asset security that delivers a fully scalable, enterprise-grade, and compliant cloud service. The firm’s multi-party computation (MPC) technology provides institutions the protection, instant availability, and total autonomy over digital assets required to thrive in the digital economy.
According to PayPal, this move aims to accelerate and expand its initiatives to support cryptocurrencies and digital assets. The firm believes that digital currencies will play a pivotal role in the future of financial services and commerce, and to be at the forefront of this sector, the company created a business unit focused on blockchain, crypto, and digital currencies. Curv will also join this newly formed business unit.
Jose Fernandez da Ponte, vice president, and general manager of, blockchain, crypto, and digital currencies at PayPal, commented:
“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. During our conversations with Curv’s team, we’ve been impressed by their technical talent, entrepreneurial spirit, and the thinking behind the technology they’ve built in the last few years. We’re excited to welcome the Curv team to PayPal.”
Itay Malinger, the CEO of Curv, and his team will stay on at PayPal but their roles are not yet announced. He stated:
“As a pioneer in security infrastructure for digital assets, Curv is proud to be recognized as an innovator and trusted partner to leading financial institutions around the world. Now, as the adoption of digital assets accelerates, we feel there’s no better home than PayPal to continue our journey of innovation. We’re excited to join PayPal in expanding the role these assets play in the global economy.”
As Crypto Economy reported, PayPal announced its entrance to the much-promising crypto world in October of 2021with the launch of a partnership with industry startup Paxos. Currently, the company is offering crypto buying, selling, storing services to its US customers, but has much more ambitious plans for its crypto and blockchain services.
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