Paypal, the popular electronic payments platform, continues to make inroads into the cryptocurrency segment, now announcing plans to acquire Curv. It is an Israeli-based startup founded in 2018 with its cloud-based security technology, based on multi-party computing (MPC), for the protection of digital assets, and aimed at financial organizations and institutions.
PayPal is acquiring Curv to accelerate its cryptocurrency-based initiatives
While the financial terms of the deal have not been disclosed, Paypal expects to close the deal in the first half of this year, at which point the Curv team will become part of Paypal’s cryptocurrency group, it said in its statement.
Strengthening its commitment to cryptocurrencies and digital assets.
The announcement has come moments after local Israeli publication Calcalist initially reported it.
Calcalist notes that the transactions will cost between $200 million and $300 million, although TechCrunch has been able to learn from a close source that the deal is under $200 million.
Paypal has clear intentions to expand its services based on cryptocurrencies, has launched its cryptocurrency buying/selling service last November, and in the future it will also allow online purchases using cryptocurrencies as a balance.
With the acquisition of Curv, Paypal will be in a better position to expand its cryptocurrency and digital asset-based initiatives, including for businesses and other types of organizations.
Curv not only helps in storing crypto assets securely but also enables a variety of security measures to be put in place to make use of them.
By creating a digital wallet, cryptographic secrets are generated on Curv’s devices and servers so that, when a transaction is made, multiple secrets are used to use a public key and a private key, rotating with each transaction, so that if the device suffers an attack, there is no way to access the available assets.
According to Paypal:
“During our conversations with the Curv team, we have been impressed with their technical talent, entrepreneurial spirit, and the thinking behind the technology they have built over the past few years. We are excited to welcome the Curv team to PayPal.”
And according to Curv:
“Now, as the adoption of digital assets accelerates, we feel there is no better home than PayPal to continue our innovation journey. We are excited to join PayPal in expanding the role these assets play in the global economy.”
