Payments giant PayPal Holdings, Inc. on Monday announced that it has agreed to acquire cryptocurrency security firm, Curv to “accelerate and expand its initiatives to support cryptocurrencies and digital assets.”
Founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin, Curv is a New York-based company and a leading provider of cloud-based infrastructure for digital asset security based in Tel Aviv, Israel.
In October 2020, PayPal had announced the launch of a new service that will enable its customers to buy, hold, and sell cryptocurrency directly from their PayPal account. The service will encourage the global use of virtual coins and prepares the company’s network for new digital currencies that may be developed by central banks and corporations.
In order to drive sustained growth and innovation in the field of financial services and commerce in the future, PayPal has recently created a blockchain, crypto, and digital currencies business unit. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal.
“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,” said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies, PayPal.
“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,” said Malinger. “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.”
PayPal said it expects to complete the acquisition in the first half of 2021 but did not disclose the terms of the deal. However, according to CNBC, the deal is worth less than $200 million.
Besides Curv, PayPal has also partnered with New York state-regulated Paxos to offer buying and selling of cryptocurrency in an aggressive push in the crypto space.