Payment giant Paypal has announced that it is taking over Tel Aviv-based crypto security infrastructure provider Curv. This acquisition will help the company “expand its initiatives to support cryptocurrencies and digital assets,” according to PayPal. The deal is reportedly worth less than $ 200 million.
- PayPal Holdings Inc. (NASDAQ: PYPL) announced Monday “that it has agreed to acquire Curv to accelerate and expand its cryptocurrency and digital asset support initiatives.”
- Curv was founded in 2018 by CEO Itay Malinger and CTO Dan Yadlin and is a leading provider of cloud-based infrastructure for the security of digital assets based in Tel Aviv, Israel. The crypto-custody firm announced last year it had raised $ 30 million from investors like Commerzventures, Coinbase Ventures and Digital Currency Group. Curv currently supports more than 200 coins and tokens, including all ERC20 tokens and sub-tokens on multiple blockchains.
- PayPal expects the acquisition of Curv to be completed in the first half of 2021. Although the company did not disclose the financial terms of the deal, CNBC reported that the deal is valued at less than $ 200 million, citing someone familiar with the matter.
- “The acquisition of Curv is part of our effort to invest in talent and technology to realize our vision of a more inclusive financial system,” said Jose Fernandez da Ponte, vice president and general manager of PayPal for blockchain, crypto and digital currencies.
- The payment giant recently set up its own business unit that focuses on “blockchain, crypto and digital currencies”. Curv will join this group.
- PayPal has been offering its users the ability to buy, sell and hold cryptocurrencies on its platform since November last year. Paypal will soon be expanding its crypto offering to users in the UK. The company also plans to enable its 28 million merchants to accept cryptocurrencies for payment for goods and services this year.
What do you think of PayPal’s takeover of Curv? Let us know in the comments below.
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