PayPal to acquire Cryptocurrency Security firm Curv

Today, Paypal announced its plans to acquire Cryptocurrency security startup, Curv. The financial terms of the transaction were not disclosed. However, different media reports suggest the deal size could be less than $200 Million.

Founded in 2018 and Tel Aviv, Israel-based Curv offers Cloud-powered digital asset security infrastructure to institutions for their digital wallets. To date, the company has raised a total of $29.5 Million in six funding rounds, according to CrunchBase.

Vice President and General Manager, Blockchain, Crypto and Digital currencies, PayPal, Jose Fernandez da Ponte, said, "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."

Curv CEO Itay Malinger, said, "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."

Last November, Paypal said that eligible US account holders will able to buy, sell, and hold cryptocurrencies with Paypal. Bitcoin, Bitcoin Cash, Ethereum, and Litecoin are available for purchase, hold, and sell. https://www.techsutram.com/2020/11/paypal-crypto-services-us-accountholders.html

The acquisition is expected to accelerate and expand Paypal's initiatives to support cryptocurrencies and digital assets, notes the announcement.